Analyst Note| Brett Horn |
We think Mastercard’s fourth-quarter results show the wide-moat company holding up relatively well amid a mix of headwinds and tailwinds. As expected, growth is slowing, and uncertainty in the macroenvironment clouds the near-term view. But the company also has some factors working in its favor in the current environment, and the long-term picture remains bright, in our view. We will maintain our $369 fair value estimate and see the shares as fairly valued at the moment.