Visa price target lowered to $300 from $310 at Redburn Atlantic

Redburn Atlantic lowered the firm’s price target on Visa (V) to $300 from $310 and keeps a Neutral rating on the shares. The firm views the payments sector as “misunderstood.” The sector is cheap with limited earnings risk and strong cash returns, the analyst tells investors in a research note. Mastercard and Toast are Redburn’s top picks. It sees concerns around the impact of the cycle on payments as misunderstood. Payment businesses are geared to nominal consumption and a potential recession will be a unit recession rather than nominal, contends Redburn. The firm cut estimates across the group to reflect the economic slowdown.