Visa Inc. (V) reported earnings results for its second quarter, exceeding analyst expectations. The payments technology company released its results after the market closed on Tuesday, April 29.
Visa posted quarterly earnings at $2.76 per share, surpassing analyst projections of $2.68 per share. This compares to $2.51 per share in the prior year period.
Quarterly revenue reached $9.6 billion, also above the anticipated $9.55 billion and higher than the $8.78 billion reported a year earlier, according to recent news reports regarding the financial results Seeking Alpha news report.
Prior to the earnings release, several Wall Street analysts had updated their outlook for Visa. Analysts had rated the company with various recommendations Analyst ratings for V.
Barclays maintained an Overweight rating and adjusted its price target to $396. BMO Capital kept an Outperform rating, increasing its price target to $370. Mizuho held a Neutral rating, raising the target to $359. JP Morgan maintained an Overweight rating and boosted the price target to $375. Goldman Sachs kept a Buy rating, lifting its target to $384.
Analysts cited factors influencing expectations for Visa stock, including growth trends and the company's strategic positioning.
The company has reportedly proposed a $100 million payment to Apple Inc. (AAPL) to secure the network for the Apple Card. This action occurs amidst competition among payment networks.
Visa shares closed Monday's trading session at $337.51, gaining 0.7%.