Shares of Visa Inc (NYSE:V) spiked in early trading on Wednesday, after the company reported upbeat first-quarter (Q1) results.
Here are the key analyst insights:
- Goldman Sachs analyst Will Nance maintained a Buy rating and raised the price target from $394 to $420.
- JPMorgan analyst Tien-tsin Huang reiterated a Buy rating and price target of $400.
Check out other analyst stock ratings.
Goldman Sachs: Visa reported gross revenue of around $15.475 billion, up 16% year-on-year, which came in around 3% higher than consensus, Nance said in a note. He added that the larger-than-normal revenue beat was due to:
- Strong volume growth
- Higher-than-expected revenue yields
- Lower-than-expected incentives
While the spending environment was healthy, the highlight of the quarter was Visa’s strong execution on value-added services (VAS), both from network-oriented services …