UPDATE: Jefferies Initiates Mastercard at Buy

Jefferies is out with its report today on Mastercard MA, initiating MA at Buy. In a note to clients, Jefferies writes, "We believe MasterCard's current multiple is not reflective of the uniqueness and earnings power of the underlying business model. While ongoing regulatory concerns will likely prevent MasterCard from ever achieving its peak multiple again, and the best days of pricing power are likely over, we see room for upside to 2011/12 consensus estimates. We are initiating coverage of MasterCard shares with a Buy rating and $333 price target." At the time of posting, shares of MA were trading pre-market at $271.50, down 0.40% from Monday's close.