Mastercard: Solid FX-Neutral Growth and Transitory Travel Headwinds Support Attractive Valuation and Buy Rating

Analyst Bryan Bergin of TD Cowen reiterated a Buy rating on Mastercard, with a price target of $671.00.

Bryan Bergin has given his Buy rating due to a combination of factors, including Mastercard’s ability to deliver solid underlying growth despite temporary pressure on cross‑border travel. The company reported double‑digit FX‑neutral revenue and transaction expansion, with particularly strong momentum in its value‑added services business, while also stepping up share repurchases and maintaining a healthy macro and spending backdrop.

He also highlights that recent travel softness tied to geopolitical events and calendar effects appears transitory rather than structural, and Mastercard reaffirmed its multiyear FX‑neutral revenue targets assuming a recovery in the back half of the period. In his view, the stock’s valuation at a meaningful discount to its three‑year average, combined with long‑term opportunities in areas such as agentic commerce and stablecoins, supports an attractive risk‑reward profile and justifies maintaining a Buy recommendation.

In another report released today, William Blair also reiterated a Buy rating on the stock with a $505.00 price target.