What's Going On With Visa's Stock After Earnings?
Portfolio Pulse from Erica Kollmann
Visa, Inc. (NYSE:V) shares are trading lower after the company reported a slight revenue miss for the third quarter. Despite increases in payments volume, cross-border volume, and processed transactions, the stock is down 3.67% and trading below its 50-day moving average. Analysts have cut price targets but maintained an Overweight rating.
July 24, 2024 | 2:51 pm
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Visa reported Q3 earnings of $2.42 per share on revenue of $8.9 billion, slightly missing estimates. Payments volume increased 7%, cross-border volume 14%, and processed transactions 10%. Analysts cut price targets but maintained Overweight ratings. Shares are down 3.67% and trading below the 50-day moving average.
The slight revenue miss and subsequent analyst price target cuts indicate a negative short-term impact on Visa's stock. Despite growth in key metrics, the market's reaction and the stock trading below its 50-day moving average suggest bearish sentiment.
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