UPDATE: Oppenheimer Upgrades Global Payments on Stabilization in Canada

In a report published on Wednesday, Oppenheimer analyst Glenn Greene upgraded Global Payments GPN from Perform to Outperform and introduced a $55 price target.

In the report, Oppenheimer stated, "Our concern regarding a below-consensus FY14 guide has now passed. More importantly, Canada appears to have stabilized and is poised for modest growth and margin leverage in FY14. Additionally, GPN's European businesses generally remain healthy, and we believe constant currency volume growth could accelerate in FY14. GPN has $375M (>10% of mkt cap) of share repurchase authorization remaining, of which $250M is not reflected within guidance (>$0.20 accretive to our FY15E). GPN appears highly attractive at 11.5x our CY14E and 8x our CY14E EBITDA estimate."

Global Payments closed on Wednesday at $46.31.