Mastercard stock drops after Piper Sandler cuts rating

Yahoo Finance Live’s Brian Sozzi discusses Mastercard stock dropping after Piper Sandler cut the payment company's rating.

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BRIAN SOZZI: All right, before we head to break, we're keeping a close eye on shares of Mastercard. Piper Sandler's Christopher Donat slashed his recommendation on Mastercard to underweight, or that is the equivalent of sell. Donat is the first broker to downgrade his rating on Mastercard to a sell since August. The analyst is increasingly concerned that Europe could enter a recession in 2023, which would be negative for Mastercard. Over the past year, Mastercard stock has dropped 5% versus a slight gain for the S&P 500.