J.P. Morgan Reiterates Overweight, $55 PT On Global Payments

In a note out today, J.P. Morgan reiterated an Overweight rating and $55 price target on Global Payments GPN, implying substantial upside from current levels. "U.S. transaction trends are pretty stable – interestingly, credit card growth exceeded debit growth for the first time, suggesting perhaps some shift in preference from banks and consumers in light of Durbin. Europe is also generally stable, but GPN would have preferred UK to be a bit stronger. Durbin commentary that savings are getting passed through could make HPY's pricing strategy less unique," the bank said in the note. Shares of Global Payments are off almost 4% today.