J.P. Morgan Overweight On MasterCard

J.P. Morgan Chase & Co. is out with a research report on MasterCard MA and it has an Overweight rating and a $380 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "Payment innovation and the robust global secular growth opportunity (85% of transactions are still completed with cash/check) were the key themes at MasterCard's annual Investment Community Meeting yesterday. Highlights included a positive volume trend update (most metrics flat to up sequentially), an allusion to another U.S. signature debit win from Visa, updates on several payment innovations/technologies and the company's international initiatives. Management reiterated their 2011-2013 performance objectives of 12-14% CAGR revenue growth (constant currency), at least 50% operating margins, and 20+% EPS growth. With shares trading at a discount to growth at 16x 2012e EPS, we reiterate our Overweight rating." Shares of MA gained $10.71 yesterday to close at $347.94.