Visa Inc.: Incrementally bullish following investor meetings with CFO Suh in the UK

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Visa Inc.: Incrementally bullish following investor meetings with CFO Suh in the UK

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Visa Inc.

Incrementally bullish following investor

meetings with CFO Suh in the UK

Maintain Rating: BUY | PO: 410.00 USD | Price: 332.64 USD

Consistent message throughout UK CFO meetings 19 May 2026

Following Visa’s best quarter in recent memory, we attended investor meetings throughout Equity

the UK with Visa’s CFO Chris Suh and Head of Investor Relations Jennifer Como. We are

incrementally bullish and believe the current multiple overhang is unwarranted for three Matthew C. O'Neill

primary reasons: 1) consistent messaging across agentic & stablecoins assuages doubt Research Analyst

BofAS

and decidedly underscores that Visa will be a winner, 2) VAS growth algorithm supports +1 646 855 1681

continued growth via deepening penetration, TAM expansion, and pricing, and 3) the matthew.c.oneill@bofa.com

combined regulatory, legislative, legal, and sovereignty dynamics remain low probability Mihir Bhatia

Research Analyst

tail risks. We firmly bucket Visa in the “AI-winner” camp, continue to view Visa as the BofAS

highest conviction long in our coverage universe, and maintain our Buy rating/$410 PO. mihir.bhatia@bofa.com

Caroline Latta

Unambiguous stablecoin and agentic winner ResearchBofAS Analyst

These topics were a focal point across all meetings and Suh’s framing was highly caroline.latta@bofa.com

consistent. Stablecoins have found product-market-fit in certain areas: on/off ramps at Lawrence Aydlett

card economics, settlement, and validator/super validator roles, however, consumer BofAS

disintermediation was dismissed, describing stablecoins as “powerful infrastructure, not lawrence.aydlettjr@bofa.com