UPDATE: Goldman Sachs Upgrades Global Payments to Buy on Positioning and Valuation

Goldman Sachs upgraded its rating on Global Systems GPN from Neutral to Buy with a price target of $52 a share. Goldman Sachs noted, "We view GPN as one of the best positioned acquirers to capitalize on key industry trends given its market share in US SMB, global footprint, and expansion in online payment processing. In our view, the sell-off related to the recent data breach is overdone and has created a compelling entry point. We see the resolution of the breach, potential increase in its ownership stake of its HSBC Asia Pacific JV, and expansion in high-growth markets (Brazil, China and e-commerce) as key catalysts. Global Payments closed at $42.60 on Tuesday.