Compass Point analyst Michael Del Grosso initiated coverage of the payments space, telling investors that he believes the industry will see more disruption and more consolidation in 2020. He believes the industry continues to benefit from tailwinds that include a healthy U.S. consumer, continued integration of software and payments, the rise of mobile commerce, and growth in cross-border payments, Del Grosso added. He started Visa (V) with a Buy rating and $215 price target, citing its "unmatched" scale and market-leading position, stating that he expects continued volume growth from new payment streams. He started Mastercard (MA) with a Buy rating and $330 price target, calling it one of the best-positioned companies to benefit from the continued shift of new payment flows and increasing forms of electronic payments. He started PayPal (PYPL) with a Buy rating and $120 price target, as he believes risks are largely priced-in and the stock's valuation presents an attractive entry-point. Del Grosso started Square (SQ) with a Neutral rating and $70 price target, stating that he thinks "the poster child for the convergence of software and payments" has strong fundamentals and impressive growth, but those are currently reflected in its stock price. He started EVO Payments (EVOP) with a Neutral rating and $28 price target, stating that upcoming bank renewals, ongoing transition in Spain, and current valuation leave him on the sidelines. Del Grosso started Adyen (ADYYF) with a Neutral rating and EUR $650 price target, citing what he sees as a "lofty" valuation within the "highly competitive" e-commerce payments space.

Baird raised the firm's price target on Block to $98 from $95 and keeps an Outperform rating on the shares. The firm expects Q1 EBITDA to beat, and guidance to be likely mildly raised. They like the shares into Q1 results and wouldn't be shocked to see them nicely over $100 in a year.

Baird analyst David Koning raised the firm's price target on MasterCard to $545 from $525 and keeps an Outperform rating on the shares. The firm thinks Q1 revenue/EPS beat mildly and guidance will be mildly raised. They like the stock over the course of 2024 as a steady grinder.