Oppenheimer Believes Visa Inc (NYSE: V) Won’t Stop Here

By Carrie Williams

In a report released today, Glenn Greene from Oppenheimer reiterated a Buy rating on Visa Inc (NYSE: V), with a price target of $100. The company’s shares closed yesterday at $93.95, close to its 52-week high of $96.60.

Greene said:

“After Visa’s Investor Event we came away quite optimistic about V’s near/long-term growth prospects. V still maintains a substantial opportunity to displace $17T in cash and check spending across developed and emerging markets. The shift to digital commerce, growing 5x physical POS spending, benefits V given its share of digital spending is 2x its physical share. V sees opportunity to expand in new segments (i.e., $30T of addressable spend volume across B2B, G2C, B2C, and P2P spending). V’s near-term outlook also appears encouraging driven by strong US volume growth, broad cross-border spending, and V Europe integration progress (appears at or better than expectations). We view shares, trading at 23.5x our CY18E, as quite attractive.”

According to TipRanks.com, Greene is a top 25 analyst with an average return of 18.9% and a 82.7% success rate. Greene covers the Technology sector, focusing on stocks such as Black Knight Financial Services, Automatic Data Processing, and Jack Henry & Associates.

Currently, the analyst consensus on Visa Inc is Strong Buy and the average price target is $102.57, representing a 9.2% upside.

In a report issued on June 8, KBW also reiterated a Buy rating on the stock with a $111 price target.

Based on Visa Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $4.48 billion and quarterly net profit of $415 million. In comparison, last year the company earned revenue of $3.63 billion and had a net profit of $1.7 billion.

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