On February 2, 2026, Daiwa Capital Markets upgraded Visa Inc. to an Outperform rating and established a $370 price target, suggesting upside of roughly 10.8% from recent levels. This reflects Daiwa’s confidence in Visa’s ability to leverage its dominant network position and capitalize on growth in digital and cross-border payments.

In the quarter ended December 31, Visa delivered net revenue of $10.9 billion, up 15% year-over-year. Management credited resilient consumer spending patterns and a stronger holiday season for the gain, with total payments volume rising 14% to $2.6 trillion. The net revenue beat consensus forecasts by approximately $210 million, underscoring the company’s ability to capture incremental transaction activity.

Visa reported adjusted net income of $6.1 billion, a 12% increase from the prior-year period, while adjusted earnings per share climbed 15% to $3.17, surpassing the Street’s $3.14 estimate. The operating margin expanded by 120 basis points to 62.5%, as processing volumes rose 9% to 69.4 billion transactions and efficiency improvements drove lower per-transaction costs.

Cross-border transaction volumes grew 12%, outpacing overall volume growth, as Visa continued to deepen partnerships in Europe and Asia. International net revenue increased 17% to $4.2 billion, reflecting steady gains in foreign volume fees and favorable foreign exchange trends. Visa’s global credentials base now exceeds 3.8 billion cards and accounts, supporting long-term network effects and fee diversification.