Visa (V) PT Raised to $85 at Piper Jaffray on Solid Q3

Piper Jaffray analyst Jason Deleeuw reiterated his Overweight rating and boosted his price target on Visa (NYSE: V) to $85.00 (from $80.00) following strong Q3 results.

Deleeuw commented, "Visa beat consensus revenue by nearly 5% and delivered adjusted EPS of $0.74 or $0.62 ex the tax benefit vs. PJC and consensus at $0.58. Visa continues to face significant FX translation/cross-border volume growth/gas price headwinds, but pricing and execution on growth initiatives drove better-than-expected FY 3Q results. Separately, Visa is targeting to resolve the Visa Europe acquisition discussions by the end of October, which we previously estimated could drive 2-3% of annualized EPS accretion (3.5%-4.5% accretion with revenue synergies). We increase our FY ‘15/’16 EPS estimates from $2.59/ $2.99 to $2.62/$3.00. We raise our PT from $80 to $85 using a 27.0x (previously 26.0x) on our CY ’16 EPS estimate of $3.13, as we have increased confidence in an accretive Visa Europe acquisition."

For an analyst ratings summary and ratings history on Visa click here. For more ratings news on Visa click here.

Shares of Visa closed at $71.75 yesterday.

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