MasterCard price target lowered to $420 from $435 at Mizuho

Mizuho analyst Dan Dolev lowered the firm’s price target on MasterCard to $420 from $435 and keeps a Buy rating on the shares. The company’s U.S. volume growth as a percent of incremental personal consumption expenditures declined yet again in Q3, and remains below historical levels, the analyst tells investors in a research note. The firm views share of personal consumption expenditures as a key yardstick in MasterCard’s long-term moat in the U.S., “which makes this downward trend worthy of further investigation.” Mizuho updated its model post last week’s earnings report.