Visa Rating Increased to Buy at Citigroup Inc. (V)
Visa (NYSE:V) was upgraded by Citigroup Inc. from a “neutral” rating to a “buy” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $212.00 price target on the stock, down from their previous price target of $265.00. Citigroup Inc.’s target price would suggest a potential downside of 3.15% from the company’s current price.
The analysts wrote, “Key fundamentals are healthy and we could start seeing some modest improvement in US card loan growth and card spend on the back of better consumer confidence and economic growth,” the report said. “AXP remains our top pick again in 2014 due to its balanced risk/reward and leverage to the wealth effect (followed by MA). We are upgrading V to Buy given 1) the unusual 25% relative share price under-performance vs. MA last year, 2) odds slightly in favor of a positive Fed debit exclusivity ruling, 3) potential for better US spend trends and 4) we are constructive on equities broadly. While we see a likelihood of better short-term performance at V (assuming the Fed wins their appeal), we still prefer MA shares on a longer-term basis.”
In other Visa news, EVP Antonio Lucio sold 7,163 shares of the company’s stock on the open market in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $221.50, for a total value of $1,586,604.50. Following the sale, the executive vice president now directly owns 46,465 shares in the company, valued at approximately $10,291,998. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet reiterated a “buy” rating on shares of Visa in a research note to investors on Sunday, January 5th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Visa in a research note to investors on Monday, December 23rd. They now have a $227.00 price target on the stock. Eleven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $213.45.
Shares of Visa (NYSE:V) traded down 1.01% on Monday, hitting $218.90. 3,388,679 shares of the company’s stock traded hands. Visa has a 52-week low of $154.14 and a 52-week high of $224.52. The stock’s 50-day moving average is $212.1 and its 200-day moving average is $194.7. The company has a market cap of $139.4 billion and a P/E ratio of 29.13.
Visa (NYSE:V) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.85. The company had revenue of $3.00 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the previous year, the company posted $1.54 earnings per share. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. Analysts expect that Visa will post $8.89 EPS for the current fiscal year.
Visa Inc (NYSE:V) is a global payments technology company that connects consumers, businesses, banks and governments in more than 200 countries and territories to fast, secure and reliable electronic payments.
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