TD Cowen lowered its price target on Visa (NYSE:V) to $370 from $382 while reaffirming a Buy rating, noting resilient payment volumes but growing uncertainty in the consumer environment.

The firm anticipates Visa’s March quarter will show steady performance, potentially in line or slightly above expectations. However, macro signals suggest the back half of the year may bring slower growth, prompting the analyst to cut revenue and earnings estimates for fiscal 2025 and 2026. Visa’s more favorable exposure to debit over credit and stronger U.S. market presence are seen as near-term advantages compared to Mastercard.

The firm believes Visa remains better positioned to defend margins, with a more agile cost-cutting approach if macro conditions worsen. Despite the revised outlook, Visa’s diversified business and ability to navigate economic headwinds continue to support the bullish long-term view.