UPDATE: Jefferies Lowers PT on MasterCard

Jefferies maintains a Buy rating for Mastercard MA and lowered its price target from $521 to $507. Jefferies commented, “We recently met with MA management (CFO and IR), and emerged with our long-term optimistic view of the business and the stock reinforced. Our discussions suggested that there is reason to be cautious in the near-term, as FX, Europe, tougher comparisons, and anniversarying of some deals won last year are likely to contribute to 2H12 growth deceleration, which we don't think has yet to be fully accounted for in Street models.” MA closed at $417.75 yesterday.