Analysts maintained their conviction on Mastercard Incorporated (NYSE:MA) post Q1 results. Despite Mastercard's 1Q22 10% broad-based beat, Barclays analyst James Fotheringham lowered estimates marginally (by as much as 2%) due to revenue headwinds expected from exiting Russia.
Fotheringham also cut the target price to $402 (from $412) and rated the stock as Outperform. The revised 2022E guidance for GAAP net revenue growth at the high end of mid-teens% YoY (versus prior high-teens%) implies elevated cross-border activity (now 112% of 2019 levels ex-Russia) should partially offset the revenue impact from exiting Russia for the remainder of this year.
