Editor's Note: Below is an excerpt from today's Early Look. Click here to learn more about the Early Look.
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Visa – Best Idea Long – V – along with MA – has been a rocket ship since it came public 11 years ago. A consensus long by the street and the buy side, the most common pushback we get is: “how much upside is left? Isn’t it too consensus?” The short answer is lots and no. Our Financials/Housing sector head Josh Steiner presented his Black Book last month and made a compelling case that a combination of TAM growth, share growth, and operating leverage, provides an unusually attractive total return framework that could see the stock 3-6x higher by 2027. Steiner is expanding his coverage of the payments space, which is going through seismic change and leaving in its wake, winners and losers. Over the balance of 2019 he’ll be presenting Black Books on MA, AXP, DFS, PYPL, and SQ. |
