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Sandler O'Neill upgrades Mastercard on expected consumer spending growth

Sandler O'Neill analyst Christopher Donat has upgraded Mastercard Inc. to "hold" from "sell" after the company posted its fourth-quarter and full-year 2017 results.

Donat wrote in a Feb. 1 research note that he views the company's 2018 guidance as "conservative" given the expected growth in consumer spending due to the improving global economy and the U.S. tax reform.

He also expects the company's GAAP income to benefit from the strengthening of the euro. However, he pointed out that Mastercard's hedging program reduces the impact of currency moves, both positively and negatively.

Donat raised his price target for the company's shares to $182 from $148. His EPS estimates are $6.05 for 2018 and $7.10 for 2019.