Keybanc upgrades Visa, Mastercard on improving diversification
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Keybanc on Monday upgraded Visa (NYSE:V) and Mastercard (NYSE:MA) to Overweight from Sector Weight as travel-related dislocation concerns faded and new flows beyond consumer card are improving diversification and growth durability.
It also raised its price targets on Visa (V) and Mastercard (MA) to $250 (prior $187) and $425 (prior $305), respectively.
The research firm's positive stance is in line with bullish sell-side ratings for Visa (V) and Mastercard (MA). However, SA Quant is neutral on both stocks.
Keybanc also downgraded Fidelity National Information Services (FIS), PayPal (PYPL) and Adyen (OTCPK:ADYEY) to Sector Weight from Overweight.
Rationale for downgrades

Fidelity (FIS), $75 PT: The downgrade is due to "accelerated pace of industry change that creates market-related fundamental uncertainty as we see embedded payments gaining notable share in FIS-heavy restaurant/retail," analyst Josh Beck said.
PayPal (PYPL), $80 PT: Despite high-quality underlying assets and well-respected management, sustained share gain will likely get increasingly difficult amid intensified competition from Apple Pay, Shop Pay and BNPL.
Adyen (OTCPK:ADYEY), $1.5K PT: "While we applaud the embedded finance strategy around issuing, bank account and capital initiatives, we are downgrading ADYEY on the investment required to become more relevant in embedded finance," said Beck.

SA Quant rates Fidelity (FIS), PayPal (PYPL) and Adyen (OTCPK:ADYEY) Hold. Meanwhile, Wall Street analysts are bullish on Fidelity (FIS) and PayPal (PYPL).
Earlier, FTC ordered Mastercard (MA) to allow use of competing debit card payment networks.