Analyst Note
| Brett Horn, CFA |Third-quarter results for Mastercard largely mirrored what we saw from Visa, with volumes showing ongoing recovery from the impact of the pandemic. While some areas of the business still face significant headwinds, the relatively quick bounceback we’ve seen for the networks supports our favorable long-term secular view, and we think the combination of attractive long-term growth prospects and the company’s wide moat makes Mastercard a fundamentally attractive company. Nothing in the quarter materially altered our long-term view, and we will maintain our $337 fair value estimate.