UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on Global Payments Following Management Meetings

In a report published Friday, Oppenheimer analyst Glenn Greene reiterated an Outperform rating on Global Payments GPN, and raised the price target from $90.00 to $100.00. In the report, Oppenheimer noted, “After recently meeting with GPN, we remain optimistic regarding its growth/profitability prospects. We believe GPN has strong earnings visibility for the foreseeable future (likely through at least FY16). We would not preclude FY15 guidance proving conservative, despite perhaps 300bps of FX-related EPS growth headwinds. Operating margins (despite FX), with benefit from a much improved US business mix, stable Canada, and int'l expansion, appear on a steady expansion trajectory. Recently closed/announced M&A deals should provide incremental growth/margin benefits, and we wouldn't preclude add'l (albeit smaller) M&A near term. We also anticipate a somewhat accelerated pace of share repurchases near term. Macro factors aside, GPN is clicking on most cylinders. We raise our PT to $100 (from $90).” Global Payments closed on Thursday at $84.70.