MasterCard upgraded to Buy from Hold at HSBC

HSBC analyst Saul Martinez upgraded MasterCard (MA) to Buy from Hold with a price target of $633, up from $598. Valuation and strong financial performance underpins the firm’s more positive stance on MasterCard, as its attractive financial algorithm remains intact as services generate outsized growth, the analyst tells investors in a research note. The adverse volume and financial impacts of the Capital One (COF) debit migration should not prevent MasterCard from generating low-double-digit net revenue and mid-teen EPS growth in the coming years, HSBC argues.