UPDATE: J.P. Morgan Lowers Mastercard's PT

According to a research report published this morning, J.P. Morgan has lowered Mastercard's MA PT from $517 to $514. In the report, J.P. Morgan commented, "Looking beyond the modest EPS beat, we were very satisfied with a key watch item – U.S. debit share wins. MA effectively doubled its market opportunity set to 50% of all debit cards, securing presence on the top three debit issuers – consistent with our channel checks. While the P&L impact is small (JPMe <2%), it builds on broader share gains and should result in cleaner/better metrics vs. Visa over the next few quarters. Our estimates are largely unchanged after the quarter, and we continue to see premium growth to stay OW the stock." Mastercard closed yesterday at $451.45.