NEW YORK (TheStreet) -- Shares of MasterCard Inc. (MA) are higher by 1.14% to $83.58 in mid-afternoon trading on Wednesday, as President Obama announces Americans will now be able to use U.S. credit and debit cards in Cuba, CNBC.com reports.
On Wednesday, the president announced an easing on the restrictions that make it difficult for American's to travel to the island nation.
Obama's plans to increase travel and trade between the U.S. and Cuba should give a boost to several industries, including Internet service providers and U.S. banks, USA Today reports.
"This is fundamentally about freedom and openness. It will be easier for American to travel to Cuba and Americans will be able to use American credit and debit cards on the island," President Obama said, USA Today added.
Separately, TheStreet Ratings team rates MASTERCARD INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MASTERCARD INC (MA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, increase in net income and expanding profit margins. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."