Wedbush Securities analysts continue to view Visa Inc (NYSE:V) as a defensive play, especially under a scenario of a possible macro-global slowdown.
In an update to clients, they noted that US payments volume data for July and August suggests slight growth improvements month-to-month, with quarter-to-date in-line performance with the June quarter.
"August US payments volume on a year-over-year (YOY) basis grew 7%, while credit grew 6% and debit grew 7%, which compares with June’s 6% growth levels," the analysts wrote.
They added that August travel cross-border volume into and from the Asia Pacific region and into the US continued to improve relative to 2019 levels.
Analysts at Wedbush have an ‘Outperform’ rating on Visa stock with a 12-month target price of $270.
Shares of Visa rose 0.4% to $247.08 and have gained 19% year to date.
Contact Sean at sean@proactiveinvestors.com