Mastercard stock price target raised to $193 from $172 at CFRA

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Mastercard’s stock surges toward record after earnings, revenue beat expectations

Shares of Mastercard Inc. charged 3.7% higher toward a record high in premarket trade Wednesday, after the credit card company reported first-quarter profit and revenue that rose above expectations. Net income grew to $1.49 billion, or $1.41 a share, from $1.08 billion, or $1.00 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.50, above the FactSet consensus of $1.25. Revenue increased to $3.58 billion from $2.73 billion, beating the FactSet consensus of $3.25 billion, as gross dollar volume rose 14% to $1.4 trillion, compared with expectations of $1.35 trillion. Cross-border volume increased 21%, while switched transactions grew 17%. The stock is on track to open above its March 9, 2018 record close of $183.24 and its March 13 intraday high of $183.73. It has run up 19% year to date through Tuesday, while the S&P 500 has eased 0.7%.

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