Visa's Fiscal 2027 Outlook Assumes Stable Macro, Heavier Client Renewal Cycle, Morgan Stanley Says

11:16 AM EDT, 10/28/2026 (MT Newswires) -- Visa's (V) fiscal 2027 outlook assumes stable macro conditions and a heavier client renewal cycle, with the company targeting low-double-digit adjusted net revenue growth and low-double-digit to low-teens EPS growth, Morgan Stanley said in a Wednesday note. For 2027, Morgan Stanley now expects net revenue growth of 11.5% from 11% previously, along with adjusted EPS of $15.03 from $14.89 prior. It further expects US volume growth of 8.5% and total payment volume growth of 9%, with value-added services revenue growing 24%. Morgan Stanley added that agentic-specific enhancements to its token products will allow Visa to collect for the incremental value delivered on agentic transactions compared with typical e-commerce transactions. Visa's fiscal 2027 results will not be impacted by agentic commerce, but if it reaccelerates e-commerce, particularly cross-border e-commerce, then higher transaction yield is expected, according to the note. Morgan Stanley raised its price target to $471 from $416 and maintained its overweight rating. Price: 402.23, Change: +0.37, Percent Change: +0.09