Visa Analysts Lift Price Targets As Shares Slide Following Q3 Earnings Beat

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.