Visa stock heads for new record close, its first since February

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Shares of Visa Inc. are up 1.7% in Friday trading and on track to notch a new record close, which would mark the stock’s first since Feb. 19, according to Dow Jones Market Data. The stock has risen in seven of the last eight trading sessions and it’s up 12.3% so far this month, putting the shares on pace for their best month since October 2014, when Visa’s stock rose 13.2%, per Dow Jones Market Data. Mastercard Inc. surpassed its Feb. 19 closing high in Tuesday trading and the stock has risen in each trading day since. Both Mastercard and Visa received bullish initiations Thursday at Mizuho. “With card penetration accounting for two-thirds of volume growth, it is the single most important determinant in Visa’s volume growth trajectory,” wrote analyst Dan Dolev, who expects a further rise in card penetration despite a “bump” in 2020. Visa shares have added 10% over the past three months as the Dow Jones Industrial Average has gained 13%.
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