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Visa Cuts Revenue Growth Forecast, Analyst Sees Underlying Health

Shares of credit card processor Visa are slipping in Friday trading after the company reported better-than-expected fiscal third-quarter earnings but trimmed its forecast for annual revenue growth. The company said revenue growth was affected by "a strong U.S. dollar and tepid growth from cross-border transactions." It now expects annual revenue growth of 9% to 10%, compared to its previous forecast of 10% to 11%. Oppenheimer analyst Glenn Greene said he expects some share weakness near-term due to the discouraging cross-border revenue growth trends. But, he said, "We suspect the underlying causes are transitory. Also, underlying U.S. and international volumes remain healthy."