UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Global Payments

In a report published Friday, Citigroup reiterated its Buy rating on Global Payments

, but slightly lowered its price target from $53.00 to $52.00. Citigroup noted, “Our positive Buy rating on GPN stock is partly because we consider its end-market attractive due to its large opportunity size and the underlying secular trend towards a higher number of card-based payment transactions. Further, we believe that GPN's channel strategy supports consistent above-market top-line growth and its operating model is inherently attractive in terms of cash-generation attributes as well. Other positive factors include a positive pricing bias in the aftermath of Durbin and the recently announced buyback. Specifically, we believe that GPN should generate ~11% revenue and ~12% cash EPS growth over the next three years. Relative to this prospective growth, we find GPN's valuation is attractive at current levels.” Global Payments closed on Thursday at $42.51.