Visa Inc (NYSE:V) shares are trading higher Wednesday after the company reported better-than-expected financial results.
Visa said third-quarter revenue increased 19% year-over-year to $7.28 billion, which beat the estimate of $7.06 billion, according to data from Benzinga Pro. The company said its strong revenue results were driven by year-over-year growth in payments volume, cross-border volume and processed transactions.
Visa reported quarterly earnings of $1.98 per share, which beat the estimate of $1.74 per share.
"Consumers are back on the road, visiting various corners of the world, resulting in cross-border travel volume surpassing 2019 levels for the first time since the pandemic began in early 2020," said Alfred Kelly, chairman and CEO of Visa.
- Macquarie analyst Paul Golding maintained Visa with an Outperform rating and lowered the price target from $270 to $260.
- UBS analyst Rayna Kumar maintained Visa with a Buy rating and raised the price target from $292 to $296.
- Morgan Stanley analyst James Faucette maintained Visa with an Overweight rating and raised the price target from $284 to $291.
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V Price Action: Visa has a 52-week high of $235.85 and a 52-week low of $185.91.
The stock was up 0.63% at $213.85 at press time.
Photo: Alexandr Potapov from Pixabay.