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"We like GPN quite a bit, particularly after giving up its 3+ percent move post-FQ1 results, as investors have been overly (in our view) concerned around organic growth," said Baird.
Global Payments has a Core US Growth and North American Organic growth rates remain in the high single digits. There has been some concern about the limited disclosure surrounding organic growth figures, but the analysts feel that concerns are overdone for a few reasons, including:
- Heartland and Global Payments have been integrated. "Given the ongoing/natural sales rep turnover, it becomes difficult to decide which new reps go into which revenue bucket."
- Year-ago pro forma numbers are not very relevant. "Previously, GPN did provide HPY historical data, but the data was not on a non-GAAP apples/apples basis to what GPN reports, meaning we can't cleanly use the data anyway."
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Baird analysts were pretty forward about what they like about Global Payments Inc., saying, "Financial tech stocks tend to work when there is a clear revenue and margin story. Management has executed incredible well in augmenting core growth with accretion from use of cash."
Key Reasons For A Buy
- Strong execution.
- Good buyback strategy.
- Expects beat/raise pattern to continue.
Baird has a $88 price target on Global Payments Inc. with an Outperform rating.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.