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

Loading...
Loading...
In a report published Wednesday, Goldman Sachs analyst Roman Leal reiterated a Buy rating on Global Payments
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.
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsGoldman Sachs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...