Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Alibaba (BABA) initiated with a Buy at Needham. 2. Compass Point initiated American Express (AXP) and Verifone (PAY) with a Buy, while it initiated Mastercard (MA), Visa (V), PayPal (PYPL) and Square (SQ) with a Neutral. 3. Nuance (NUAN) initiated with an Equal Weight at Barclays. 4. United Natural Foods (UNFI) initiated with a Market Perform at Wells Fargo. 5. GoDaddy (GDDY) initiated with a Neutral at B. Riley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Bernstein analyst Harshita Rawat raised the firm's price target on Visa to $310 from $304 and keeps an Outperform rating on the shares. The firm notes Visa delivered a strong Q2 and intact 2024 guidance. Going into the quarter, there were growing concerns regarding negative revisions due to multi-year low FX volatility and somewhat high volumes baked into the guide. The beat in the quarter and management commentary regarding the second half of the year may lead to consensus numbers going up modestly, Bernstein adds.

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DMG Blockchain Solutions (DMGGF) announced a strategic collaboration with PayPal (PYPL) and Energy Web to explore ways to decarbonize the Bitcoin blockchain. The companies are working together on developing methods for transacting on the Bitcoin network which would expand its use as a carbon neutral payment rail, thus advancing its application. DMG, Energy Web, and PayPal are working together to publish a research paper, which we collectively believe will benefit users of the Bitcoin network who would like to take advantage of carbon neutral options in their transactions. PayPal, with its focus on developing its bitcoin payment rail, has been a leader in new payment technologies with the introduction of its enhanced services by integrating blockchain technology, launching the PayPal USD stablecoin with Paxos Trust Company in August 2023 for efficient transactions.

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Wedbush analyst Moshe Katri raised the firm's price target on Visa to $300 from $280 and keeps an Outperform rating on the shares. The firm notes Visa reported stronger than expected Q2/FY24 results, while reiterating FY24 guidance.

Wells Fargo raised the firm's price target on American Express to $265 from $250 and keeps an Overweight rating on the shares. The firm sees a good case for management to express greater confidence in or lean to the upper end of the EPS or revenue guide for 2024. With the macro haze fading, Wells believes investors will come away with a greater appreciation of the competitive position and moat.

Citi raised the firm's price target on Visa to $321 from $314 and keeps a Buy rating on the shares. the company's March quarter results featured a top- and bottom-line beat and while the reiterated fiscal 2024 outlook implies lower second half of the year revenues, a modest step-up in growth remains embedded and the low double-digit exit rate bodes well for fiscal 2025, the analyst tells investors in a research note. The firm says the clarity on Visa's revenue trajectory and breadth of opportunity should support the multiple.

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Sees revenue growth in low double-digits, consensus $33.6B.

Reports Q2 revenue $8.8B, consensus $8.09B. Reports Q2 transactions processed $55.5B. Reports Q2 payments volume up 8%. "Visa delivered strong results in the second quarter, with net revenue up 10%, GAAP EPS up 12%, and non-GAAP EPS up 20%. Overall payments volume grew 8% and cross-border volume grew 16%, driven by stable consumer spending. As we head into the second half of the year and beyond, we remain focused on the trillions of dollars of opportunity in consumer payments and new flows and on continuing to deepen our partnerships with clients around the world by adding value across our network of networks," said CEO Ryan McInerney.