Visa IPO Brings Value, For Now

Updated from 7:07 p.m. EDT

Visa starts trading Wednesday, and judging from the low valuation that underwriters accorded the stock as it heads out the gates, it's likely to find a grateful market awaiting it.

The credit-card titan priced its shares at $44 apiece late Tuesday in an offering that will raise $17.9 billion. There are several good reasons for investors to take to the stock -- which I outlined on Tuesday -- and now I'd like to flip things around and look at some potential concerns.

These aren't factors that will necessarily weigh down shares, but they're important for shareholders to keep in mind as they watch their investment: ...