UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Global Payments

In a report published Wednesday, Goldman Sachs Group reiterated its Buy rating on Global Payments

, and raised its price target from $54.00 to $56.00. Goldman Sachs noted, “GPN reported FY2Q13 revenue/ Cash EPS of $588.5 mn/$0.93, which beat our above consensus forecast of $577.9/$0.88. Stronger revenue growth in Europe, solid International margins and a lower tax rate (added $0.02) drove the upside. GPN raised FY13 Cash EPS guidance to $3.61- $3.68 (from $3.59 - $3.66). We raise our FY13/FY14/FY15 forecast to $3.76/$4.15/$4.55. As a result of our revised forecast and improved outlook, we raise our 12 month price target to $56 from $54, implying CY13 P/E multiple of 13.9X (from 13.5X).” Global Payments closed on Tuesday at $46.07.