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By: Dividend Daily
September 16, 2011 at 08:43 AM EDT
JPMorgan Reiterates “Overweight” Rating for MasterCard (MA)
Analysts at JPMorgan Chase on Friday reiterated their “Overweight” rating on Credit card issuer MasterCard Incorporated (MA).
The firm also set a $380 price target MA shares, suggesting a 9% upside to the stock’s Thursday closing price of $347.94.
A JPMorgan analyst commented, “Payment innovation and the robust global secular growth opportunity (85% of transactions are still completed with cash/check) were the key themes at MasterCard’s annual Investment Community Meeting yesterday. Highlights included a positive volume trend update (most metrics flat to up sequentially), an allusion to another U.S. signature debit win from Visa, updates on several payment innovations/technologies and the company’s international initiatives. Management reiterated their 2011-2013 performance objectives of 12-14% CAGR revenue growth (constant currency), at least 50% operating margins, and 20+% EPS growth. With shares trading at a discount to growth at 16x 2012e EPS, we reiterate our Overweight rating.”
MasterCard shares were unchanged in premarket trading Friday.
The Bottom Line
MasterCard Incorporated (MA) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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