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Global Payments lifted to 'buy' at Jefferies after it 'successfully climbed the wall of worry'

Published 10/08/2023, 14:22
GPN
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Global Payments (NYSE:GPN) was raised to Buy from Hold at Jefferies on Wednesday, with analysts raising the price target to $145 from $125 per share.

They stated that the company has "successfully climbed the wall of worry" while "estimates are finally in a comfortable spot."

Jefferies expects GPN's above-market growth in Merchant to persist. GPN shares are up 1.7% premarket.

"Despite our concerns into the print, Merchant growth positively de-coupled from V/MA in 2Q, and we now believe above-market growth will persist for the balance of '23--which should improve the narrative around structural positioning and drive a continued re-rating," wrote the analysts.

"With few stories/set-ups improving coming out of 2Q, we believe GPN has a renewed scarcity value with estimates in a safer place and a depressed multiple that makes for an asymmetric risk/reward," they concluded.

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