Exane BNP Paribas downgraded MasterCard to Neutral from Outperform with a $470 price target. The firm says cash digitization has largely played out in the U.S., leaving Visa and MasterCard to compete for potentially limited opportunities in other regions, particularly in Europe. Exane believes Visa screens well versus peers there, with MasterCard less attractive. It now expects MasterCard’s revenue growth to slow versus Visa’s.
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