J.P. Morgan Comments On Visa Management Meeting

According to J.P. Morgan, it met with Visa V management. J.P. Morgan reported that it came away with 1) a better understanding of the risks and opportunities ahead of Visa and 2) confidence that management has plans in place to defend its market share and economics (post regulation). “Execution will be key, but we think Visa's scale, reach, brand, and financial resources make it a tough incumbent to displace. As expected, we did not receive a mid-quarter volume update, but our sense is that trends remain solidly stable. We remain Overweight but see limited near-term upside until we get more clarity on Durbin regulation (interchange to be finalized April 21; routing rules expected on July 21).” Visa closed yesterday at $72.26.