KeyBanc assumed coverage of MasterCard (MA) with an Overweight rating with a price target of $665, up from $660. The firm notes the fintech sector has undergone significant change over the past five years, driven by strategic transformations and multiple self-help stories. Following a sharp valuation reset, KeyBanc is constructive on performance but advocates selectivity in its Overweight ratings. Looking to 2026, the firm expects progress on transformations, greater focus on emerging themes such as agentic commerce, and opportunity for improving sector multiples.
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