Visa Inc Class A

V: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$738.00	Scdv	Bdzntbc

Visa Earnings: Growth Slows Modestly

Brett Horn

Jan 25, 2024

Visa’s fiscal first-quarter results showed growth slowing a bit but remaining solid. We think that as postpandemic tailwinds abate, the company’s growth will move more in line with our long-term expectations, and this quarter supports that view. While growth may moderate near-term, we still see the long-term outlook for Visa as quite bright, given the company's wide moat and ongoing secular tailwinds. We will maintain our $260 fair value estimate and see the shares as fairly valued.

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