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Jefferies expects top-line beats of similar magnitude in 2Q, but keeps its relative preference for MA based on visibility into faster relative growth over the next four quarters, “with less of a headwind from currency volatility than V, more help from favorable FX starting in 3Q, and share gains supporting premium volume growth.”
The analysts raised the Mastercard price target to $460 from $430 per share, stating they expect net revenue growth of more than 13% vs. guidance for high-end of LDD.
“Our net revenue est. of $6.226bn (+13% Y/Y, +13.5% FXN) implies ~1% upside to Street, based on Payment Network net revs of $3.98bn (+10% Y/Y) and VASS net revs of $2.25bn (+19% Y/Y),” they wrote.
The analysts lifted the Visa price target to $280 from $270 per share, confirming that they expect net revenue growth of ~12% YoY, implying ~1% above the Street.
