J.P. Morgan Overweight On Visa

J.P. Morgan Chase & Co. is out a research report on Visa V and it has an Overweight rating and a $101 price target. In a note to clients, J.P. Morgan Chase & Co. writes, "Yesterday, Visa hosted a technology day, showcasing its new state of the art data center and updated innovation strategy. Calling Visa a scale network and processor would be an understatement after walking through Visa's latest $430M data center investment aimed at ensuring 100% reliability, while opening up the edge of the network to enable new channels (e.g. mobile, eCommerce, information products and personal payments). We believe Visa's massive scale makes the disintermediation threat a very low risk, but the payment landscape is changing and Visa must adapt to preserve or enhance network economics. Visa is clearly focused on building a multi-channel digital strategy, and there will be challenges, but we still think Visa (and MasterCard) is tough to bet against; we expect to learn more details on Visa's digital strategy this fall." Shares of V gained $3.98 yesterday to close at $83.77.