Truist analyst Andrew Jeffrey raised the firm’s price target on Visa to $260 from $235 and keeps a Buy rating on the shares as part of a broader research note on FinTech names. The analyst believes that investors should focus on relative 2022 FinTech outperformers but also contends that "a catalyst is needed" for relative 2023 outperformance and sees M&A as the most likely valuation driver. Jeffrey adds that Visa will likely maintain its momentum as the factors behind its outperformance relative to the market last year remain intact.
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