Visa, Mastercard downgraded at BofA: Analyst explains why

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Mastercard,Bank Of America,Market Domination

Both Visa (V) and Mastercard (MA) were downgraded to Neutral from Buy at Bank of America. Jason Kupferberg, the analyst behind this decision, joins Market...

to Neutral from Buy at Bank of America. Jason Kupferberg, the analyst behind this decision, joins Market Domination to discuss the reasoning for the call.

The top line growth may end up being a little bit below 10% rather than being in the low digit range, as was the case prior to the pandemic.Number two is that the level of regulatory and litigation activity surrounding Visa and MasterCard has escalated recently, particularly in the US, and most recently related to some of the long standing litigation that Visa and MasterCard and their card issuing banks have had versus, uh, the US merchants.

We're also awaiting a final decision from the Federal Reserve on how much they're going to cut the level of US debit interchange rates in the US.What we were referring to there is just investor positioning, and and our data shows that Visa and MasterCard are both effectively consensus loans in that they're widely owned already and so making a little bit harder in theory, to find incremental buyers for the stocks.

And so I think, um, hypothetically, if unemployment starts to creep up a little bit more then you know, you start to worry a little bit more about underlying consumer payment volumes.Could be a little bit of a threat more in the second half of the year.We also, um, feel pretty strongly right now on the long side about global payments GP N as whether as well as, uh, Block.

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