V / MA CY2Q26 Preview: Fundamentals Holding, Skepticism Lingering

Research evidence excerpt

V / MA CY2Q26 Preview: Fundamentals Holding, Skepticism Lingering

TD SECURITIES (USA) LLC INDUSTRY UPDATE

July 7, 2026

■Computer Services & IT Consulting: V / MA CY2Q26 Preview: Fundamentals

Financial Technology Holding, Skepticism Lingering■Payments

Bryan C. Bergin, CFA THE TD COWEN INSIGHT

646 562 1369

We expect a steady setup into CY2Q, with stable spending trends amid persistent macro

bryan.bergin@tdsecurities.com

uncertainty. There's a growing disconnect in shares vs. fundamentals (YTD underperformance

Moshe Orenbuch w/ V +2%, MA -6%), and we think consistent execution and services momentum supports

646 562 1495 investor re-engagement & catch-up trade. NT momentum remains strongest for V.

moshe.orenbuch@tdsecurities.com

David Duka Thoughts into CY2Q: Fundamentals Intact Yet Underperformance Reflects

646 562 1444 Skepticism

david.duka@tdsecurities.com

Both stocks trade at discounts to historical levels (V ~2%, MA ~17% vs. 3-year P/E averages)

Hoang Nguyen, CFA despite no material change in underlying growth. In our view, this reflects continued

646 562 1337 skepticism around perceived disruption risks, most notably from stablecoins, along with

hoang.nguyen2@tdsecurities.com

lingering regulatory overhangs that we now see beginning to ease following the recent

progress on the merchant swipe fee settlement & favorable state-level interchange rulings inPrice Target Changes

IL/CO (link).

MA $664.00 (Prior $671.00)

Consumer spend remains resilient, with both V & MA citing stable consumer spending,

with select slightly improving trends across U.S., int'l, and cross-border spend. We are

more constructive on V, supported by stronger momentum exiting FY2Q and lower relative

sensitivity to cross-border and int'l exposure. V maintains some short-term tailwinds to support