Visa (V) and Mastercard (MA) took a hit Wednesday after a top analyst turned bearish on the credit card giants amid the economic fallout from the coronavirus crisis.
Shares of Visa and Mastercard fell after Jefferies analyst Trevor Williams reduced his ratings on the two credit card companies to hold from buy, according to Bloomberg.
Jefferies in late March touted Visa as one of 47 companies with “strong fundamentals” that made great buys given valuation opportunities created by the stock market decline.
