Mastercard Q1 Beat Spurs Modest Target Changes as Cross-Border Travel Cools

Overview

• Following May 1 price-target updates, Morgan Stanley, Raymond James, Susquehanna, and Macquarie reaffirmed bullish views with small target changes.
• Analysts flagged an April slowdown in cross-border travel growth to about 2% from 8% in Q1, pointing to geopolitical disruption and Middle East effects.
• Mastercard’s April 30 results topped forecasts with adjusted EPS of $4.60 on $8.4 billion in revenue, as management underscored momentum in services that sit beyond card swipes.
• CEO Michael Miebach said value-added services grew 22% year over year and noted progress in agentic commerce, stablecoin work, and broader AI and crypto efforts.
• Morgan Stanley said the full-year outlook is intact as U.S. spending improves excluding the Capital One portfolio shift, while Raymond James and others expect Q2 pressure with a recovery later this year.