Visa’s quarterly earnings surpassed expectations with a 17% increase in per share earnings.
The company announced a strategic partnership with Coinbase, enhancing its position in the digital currency landscape.
Macquarie raised Visa’s price target from $300 to $335, reflecting confidence in the stock’s growth potential.
On October 30, 2024, Macquarie maintained its “Outperform” rating for Visa (NYSE:V), reflecting confidence in the company’s future performance. At the time, Visa’s stock price was $290.16. Macquarie also raised Visa’s price target from $300 to $335, indicating a positive outlook for the stock’s potential growth.
Visa’s recent quarterly earnings report significantly surpassed expectations, as highlighted by 24/7 Wall St. The company reported a 17% increase in per share earnings, reaching $2.65, compared to analysts’ predictions of $2.58. This strong performance is attributed to robust consumer spending, which has driven Visa’s profit beat.
In addition to its earnings success, Visa announced a strategic partnership with cryptocurrency exchange Coinbase. This collaboration allows real-time crypto deposits through the Visa Direct network, enhancing the ease and speed of cryptocurrency transactions for Coinbase users. This initiative positions Visa as a key player in the evolving digital currency landscape.
Visa’s stock has seen a 2.94% rise, with a price increase of $8.28. The stock’s price ranged from $288.36 to $295.66, marking its highest price over the past year. Visa’s market capitalization is approximately $573.33 billion, with a trading volume of 7,072,422 shares, reflecting strong investor interest.
The combination of Visa’s earnings success and strategic initiatives, such as the partnership with Coinbase, supports Macquarie’s “Outperform” rating and increased price target. These developments suggest a promising outlook for Visa, making it an attractive option for investors considering the stock’s potential growth.
