MasterCard assumed with an Outperform at Oppenheimer

Oppenheimer assumed coverage of MasterCard (MA) with an Outperform rating and $591 price target. Mastercard will continue to benefit from the multi-year runway to convert paper-based payments to card, enabling high-single to low double-digit payment volume growth over the next three years at least, the analyst tells investors in a research note. The firm estimates that, for the next two years at least, Mastercard should outgrow Visa (V) on revenue by 2%, with the analyst adding that Mastercard is its top large-cap idea.