J.P. Morgan Reports GPN F3Q Preview

J.P. Morgan has issued a preview for Global Payments

F3Q11 results that will be reported March 31. According to the report, "We note GPN shares have underperformed the S&P 500 by 130bps and 70bps since February 18th (market peak) and March 16th (relative low), respectively. In terms of key focus areas, we 1) expect management's tone and underlying volume trends to be largely consistent with F2Q11, 2) remain optimistic that the UK platform conversion happened on time in late February, and 3) expect full-year guidance to be achievable, if not beatable. We remain Overweight owing to GPN's longer-term margin expansion opportunities (from platform upgrades), possible short-term yield benefit post Durbin regulation next year, and growth potential in Asia." GPN is rated overweight and has a $54.00 Price Target. GPC traded for $48.16 yesterday at closing.