Sanjay Sakhrani, an analyst at KBW Inc.'s Keefe, Bruyette & Woods Inc., trimmed his profit estimates for MasterCard Inc. after it reported second-quarter results that he said showed "some slowing in the U.S."

In a note to clients Friday, a day after the Purchase, N.Y., company's report, Mr. Sakhrani called the results "solid" and better than he expected. "However, the company uncharacteristically did not beat [Wall Street estimates] by a meaningful margin." Failing to do so, combined with the domestic slowdown, caused the shares to drop almost 10% Thursday, he wrote.

"To be conservative," Mr. Sakhrani cut his profit estimate by 8 cents for this year, to $8.82 a share, and by 54 cents for next year, to $11.02.

He reiterated his "outperform" rating on the stock, which by late afternoon Friday had fallen about 4% from Thursday's close, to $233.62 a share.

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