Oppenheimer upgraded MasterCard to Outperform from Perform with a $510 price target. Even with depressed consumer spending levels, MasterCard could produce greater than 11% earnings growth in 2024 as expense cuts offset declining revenue growth and buybacks increase, the analyst tells investors in a research note. The firm says that since its 2023 October low, the stock has performed roughly in line with the S&P 500. It recommends “buying quality to start 2024 vs. chasing high-flying Fintech stocks at current valuations.”
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