** Visa's second-quarter results sailed past Wall Street estimates on Tuesday, as consumers shrugged off worries of a slowing economy to swipe cards on everything from travel to dining out
** The company maintained its outlook for full-year revenue and profit
** Shares of the world's largest payments processor climb ~3% in premarket trading
AS SPENDING HOLDS UP, SO DOES VISA'S GROWTH
** KBW ("Outperform," PT: $325) says results are tracking in line with expectations, which is a positive due to concerns during Q2 that full-year targets may prove to be too high
** J.P.Morgan ("Overweight," PT: $302) says Visa overcame concerns to post revenue ahead of estimates with management guiding to consumer health as being relatively stable
** "Visa’s significant scale continues to support stable, diversified compounding growth even as volume growth normalizes somewhat below historical levels" - Brokerage
** TD Cowen ("Buy," PT: $320) says Q2 results were "solid" and reflected broad stability in payment volumes and showed no identifiable changes in consumer behavior
** Jefferies ("Buy," PT: $325) says it expects reiterated FY24 revenue forecast to drive some relief to the stock, adding that strong e-commerce volumes are helping offset weaker Asia-Pacific travel
** RBC Capital Markets ("Outperform," PT: $315) says Q2 results show the durability of Visa's business with strong e-commerce trends and cross-border volumes driving growth
** Wedbush ("Outperform," PT: $300) says Q2 results came ahead of expectations on improving payment volumes in the key U.S. market and strong e-commerce performance
(Reporting by Manya Saini in Bengaluru)
((Manya.Saini@thomsonreuters.com))
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