A Goldman Sachs Group Inc. analyst recommended buying shares of MasterCard Inc., the second-biggest payment card network, on expectations that its overseas business will bolster earnings despite weakening credit conditions in the United States.
MasterCard shares, which are down 26% from an all-time high set in June, may rebound more than 15%, to $275, in the next 12 months, the analyst, Julio Quinteros Jr., wrote in a research note published Tuesday.
Mr. Quinteros upgraded the stock to "buy" from "neutral."
"MasterCard continues to grow in international markets that help provide some insulation from U.S. credit weakness," he wrote. "We believe that the pullback in the shares was overdone."
