Mastercard's (MA) Q2 financial results demonstrated resilience in consumer spending, RBC Capital Markets analysts said in a Thursday note.

The results showed modest improvements in global travel, the importance of outsized growth in value-added services contributing to the long-term growth algorithm, and continued investments in new technologies, the analysts said.

Unique Venezuela dynamics and increased access to US dollars drove improvements in cross-border volumes outside of travel spend, which may be a one-time event, RBC said.

The analysts raised their 2026 adjusted earnings estimate to $20.07 from $19.67, compared to a FactSet consensus forecast of $19.86. They also raised the revenue estimate to $37.4 billion from $37.1 billion, compared to a FactSet estimate of $37.23 billion.

RBC retained an outperform rating on the stock and increased its price target to $642 from $629.

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