Visa Analysts Cut Their Forecasts After Q3 Results

Visa, Inc. V reported weaker-than-expected sales for its third quarter on Tuesday.

Visa reported quarterly earnings of $2.42 per share which met the analyst consensus estimate. Quarterly sales came in at $8.9 billion, missing the analyst consensus estimate of $8.92 billion by 0.18% and representing a 9.57% increase over sales of $8.12 billion from the same period last year, according to data from Benzinga Pro.

The company reported payments volume increased 7%, cross-border volume increased 14% and processed transactions increased 10% in the third quarter.

"Visa delivered strong results in the third quarter, with net revenue growth of 10%, GAAP EPS growth of 20% and non-GAAP EPS growth of 12% … During the quarter, we expanded our partnerships with many clients around the world and announced several new innovations that will help drive the future of commerce," said Ryan McInerney, Visa's CEO.

Visa shares fell 1.1% to close at $264.79 on Tuesday.

These analysts made changes to their price targets on Visa following the announcement.

• Piper Sandler analyst Arvind Ramnani maintained Visa with an Overweight rating and lowered the price target from $322 to $319.
• Morgan Stanley analyst James Faucette maintained the stock with an Overweight rating, while cutting the price target from $326 to $322.

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