Visa Beats on Q3, Raises Revenue Outlook as Analyst Points to Healthy Spending

Shares of Visa Inc (NYSE: V ) rose on Wednesday, after the company reported its fiscal third-quarter results. The outperformance was driven by healthy consumer spending trends and a favorable macro environment, according to Cantor Fitzgerald. The Visa Analyst: Analyst Ramsey El-Assal reaffirmed an Overweight rating and price target of $410. The Visa Thesis: The company reported a "healthy" revenue beat, with Data Processing and other revenues topping Street expectations, El-Assal said in the note.

Check out other analyst stock ratings. 396 billion. 597 billion estimate. 23 per share.

Management raised their full-year revenue growth outlook, while maintaining its adjusted operating expenses and earnings guidance, the analyst stated. Visa provided fresh guidance for the fiscal fourth quarter, including: Low double-digit to low-teens net revenue growth High end of low double-digit growth in adjusted operating expenses. Mid-teens adjusted earnings growth. com Prime Day, a less-favorable calendar and mix versus June, and lower fuel prices, "rather than a deterioration in underlying spending trends," El-Assal wrote.

The analyst added that Visa’s stock has risen around 19% over the past three months, outperforming the 4% rise in S&P 500, making incremental upside even more difficult. 25 on Wednesday, according to Pro data. Read Also: Visa Delivers Reassuring Read on the US Consumer: No Signs of Spending Weakness