Card giant Mastercard's MA.N shares tick up 0.4% at $490.29 in morning trading
BNP Paribas upgrades MA to "outperform" from "neutral"; keeps PT unchanged at $600, implying a 22.8% upside to stock's last close
Brokerage says too much pessimism is priced into MA stock amid stablecoin disruption and macro concerns
"Valuation doesn't seem to reflect fundamentals, even factoring in some adverse themes," says BNP Paribas
Adds that the ongoing Middle East conflict will have a minimal earnings impact considering MA's diversified exposure across spend categories
36 of 40 brokerages rate the stock "buy" or higher and 4 "hold"; median PT $666 - data compiled by LSEG
As of last close, MA stock down 14.4% YTD