Visa Inc (NYSE:V) shares are trading higher by 2.54% to $230.37 Friday after the company reported better-than-expected first-quarter results. Multiple analysts maintained bullish ratings on the stock and raised their price targets on the stock following the report.
What Happened?
Visa reported quarterly earnings of $2.18 per share which beat the analyst consensus estimate of $2.01. The company also reported quarterly sales of $7.90 billion which beat the analyst consensus estimate of $7.70 billion by 2.6%. This is a 12% increase over sales of $7.06 billion in the same period last year.
Meanwhile, payments volume for the three months ended September 30, 2022, on which fiscal first quarter service revenues are recognized, increased 10% over the prior year on a constant-dollar basis.
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Visa also says payments volume for the three months ended December 31, 2022, increased 7% over the prior year on a constant-dollar basis.
Among analyst rating updates for the stock on Friday are the following:
- Credit Suisse analyst Moshe Orenbuch maintained with an Outperform and raised the price target from $245 to $250.
- Raymond James analyst John Davis maintained with an Outperform and raised the price target from $261 to $281.
- Wells Fargo analyst Donald Fandetti maintained with an Overweight and raised the price target from $250 to $265.
According to data from Benzinga Pro, Visa Inc has a 52-week high of $250.58 and a 52-week low of $174.60.
