UPDATE: Goldman Sachs Reiterates Buy Rating, Lowers PT on Global Payments on F3Q12 Revenues

In a report published Wednesday, Goldman Sachs analyst Roman Leal reiterated a Buy rating on Global Payments (NYSE: GPN), but lowered the price target from $58.00 to $55.00.In the report, Leal noted, “GPN reported F3Q13 revenues/cash EPS of $579mn/$0.87, below our forecast of $581 mn/$0.91 and the Street $580 mn/$0.89. The EPS miss was broad based as North America/International cash operating margins of 15.5%/35.8% were below our forecast of 17.3%/36.7%. Despite the EPS shortfall, GPN reaffirmed FY13 revenue and cash EPS guidance. However, given the negative F3Q results, and a reduction in our margin expectations we lower our FY13/FY14/FY15 EPS forecast by 3% to $3.67/$4.11/$4.59. We reduce our 12 month price target to $55 (from $58) to reflect our reduced forecast and a lower implied CY13 P/E multiple of 14X (14.4X prior).”Global Payments closed on Tuesday at $49.01.