Visa Inc V shares are trading lower Wednesday on the heels of the company's fiscal third-quarter financial results. Several analysts raised price targets following the print.
- Q3 Revenue: $8.12 billion beat estimates of $8.06 billion
- Q3 EPS: $2.16 beat estimates of $2.11
Revenues were up 12% year-over-year and EPS jumped 25%. Payments volume was up 9%, cross-border volume was up 17% and processed transactions climbed 10%.
"We reported another quarter of strong results, reflecting stable business trends. Consumer spending remained resilient, driving growth in payments volume and processed transactions. Cross-border volume continued to be a tailwind, fueled by travel growth from the ongoing recovery and summer tourism," said Ryan McInerney, CEO of Visa.
On a conference call following the quarterly report, the company said it anticipates revenue growth of approximately 10% in the fourth quarter.
See Also: Check Point Software Q2: Mixed Earnings, Security Subscriptions Growth, Expands Margins
Analyst Assessment:
- Raymond James analyst John Davis maintained Visa with an Outperform and raised the price target from $282 to $284.
- Wedbush analyst Moshe Katri reiterated Visa with an Outperform and maintained a $270 price target.
- Wells Fargo analyst Donald Fandetti maintained Visa with an Overweight and raised the price target from $265 to $270.
- Credit Suisse analyst Moshe Orenbuch maintained Visa with an Outperform and raised the price target from $265 to $275
- Citigroup analyst Ashwin Shirvaikar maintained Visa with a Buy and raised the price target from $273 to $275.
- RBC Capital analyst Daniel Perlin maintained Visa with an Outperform and raised the price target from $265 to $290.
V Price Action: Visa shares were down 0.81% at $236.76 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Visa.
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