UPDATE: Jefferies Reiterates on Global Payments on Positive Vibes From Management Meetings
In a report published Thursday, Jefferies analyst Jason Kupferberg reiterated a Buy rating on Global Payments (NYSE: GPN), and raised the price target from $59.00 to $72.00.
In the report, Jefferies noted, “We recently hosted GPN mgmt for investor meetings. We are maintaining our Buy rating, raising our price target, and believe further re-rating is plausible because: 1) execution is on an upward trajectory, and we see upside potential to F14 ests, 2) stage is set for post-F14 margin expansion, 3) new CEO is more open to share buybacks, 4) despite its recent run, GPN has underperformed its comps (HPY, VNTV, TSS) YTD, while delivering above-avg growth.”
Global Payments closed on Wednesday at $62.30.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.