11:57 AM EDT, 04/09/2026 (MT Newswires) -- Visa (V) and Mastercard's ( MA ) adjusted US volumes have grown roughly in line with addressable personal consumption expenditures, or PCE, for the past four years, UBS Securities said in a note emailed Thursday.

This suggests that card network adjusted US volumes are no longer outgrowing PCE as they did in pre-COVID years from 2017 to 2019, analysts said.

For Visa and Mastercard's ( MA ) reported US volumes, the spread compared with the addressable PCE has been more positive, which is expected to continue over the medium-term, UBS said.

Card networks are expected to continue to deliver above PCE growth in the US on a reported basis, driven in part by ramping contributions from new flows, including from Visa Direct and Mastercard Move, analysts said.

As of March 30, UBS had a buy rating and $650 price target on Mastercard ( MA ), and a buy rating and a $390 price target on Visa.

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