Mastercard Sees a Bounceback in First Quarter

Mastercard’s first-quarter results largely mirrored what we saw from Visa, as the networks continue to bounce back from the headwinds they have faced through the pandemic. In our view, the relatively quick recovery supports our wide moat rating and highlights the favorable long-term secular backdrop for Mastercard. The exit from Russia will be a bit of a drag this year, but even factoring this in, we expect relatively strong growth in the near term. We will maintain our $369 fair value estimate.