Visa Earnings: Growth Slows a Bit

As Visa has moved past postpandemic tailwinds, we think growth has returned to normal levels, and we see the macro environment as the biggest swing factor in the near term. While some growth metrics slowed modestly in the fiscal third quarter, we don’t think this quarter marks a significant change on this front, and we continue to see the company’s path forward as relatively stable. We will maintain our $272 fair value estimate for the wide-moat company and see shares as about fairly valued at the moment.