Shares of Visa (NYSE:V) fell 1.6% to $283.92 in premarket trading following reports that the U.S. Department of Justice (DOJ) is preparing to file an antitrust lawsuit against the company as early as Tuesday.
According to a report, the DOJ alleges that Visa has illegally monopolized the U.S. debit card market by blocking competition.
This development comes after the DOJ previously sought documents from Visa last year related to its debit card practices and competition with other payment networks.
Despite the legal challenge, the majority of brokerages covering Visa stock rate it a "buy" or higher, with a median price target of $311, according to data from LSEG.
Year-to-date, Visa's share price has risen 10.86%, lagging behind the broader S&P 500 index, which has gained 19.93% during the same period.