Visa initiated with a Buy at TD Cowen

TD Cowen analyst Bryan Bergin initiated coverage of Visa with a Buy rating and $320 price target. The analyst says Visa has a “durable, high-margin business built on the leading scale of its global payments networks” within a $45 trillion consumer spend market that retains “healthy runway” for digital payments penetration. Visa’s consumer payments business supports a mid- to high-single-digit growth trajectory, which is supplemented by New Flows and value-added services to drive sustainable high-single to low-double-digit net revenue growth at rising scale, the analyst tells investors in a research note.