Visa Earnings: Growth Holds Steady

Visa’s fiscal second quarter essentially showed the company holding steady. Following the company's ups and downs during the pandemic and the subsequent recovery, we think Visa has now settled into a more normalized groove. We believe the company’s recent performance highlights the long-term secular tailwinds that will continue to drive solid growth over the long run. In our view, the combination of Visa’s wide moat and its long growth runway creates a very attractive backdrop. We will maintain our $260 fair value estimate and see shares as fairly valued.