Mastercard Earnings: A Stable Environment Highlights Mastercard’s Strengths

Mastercard’s first-quarter results show that the company is on a steady path and performing roughly in line with its peer Visa. Following the dramatic ups and downs of the pandemic and the ensuing recovery, we think Mastercard has settled into a more stable environment, and the company’s first-quarter results are largely in line with our long-term expectations. We will maintain our $451 fair value estimate and wide moat rating, and we consider shares fairly valued at the moment.