Visa assumed with an Outperform at Oppenheimer

Oppenheimer analyst Rayna Kumar assumed coverage of Visa with an Outperform rating and $318 price target, up from $289 prior. Visa remains well-positioned to gain global market share from the multi-year runway to convert paper-based payments to card, enabling high-single to low double-digit payment volume growth at least over the next 3 years, the analyst tells investors in a research note. The firm also believes that the market is already pricing in slower growth based on its macro scenario analysis along with a higher potential for regulatory risk.