Global Payments Analysts Raise Their Forecasts After Upbeat Q2 Earnings

Global Payments Inc GPN reported strong second-quarter earnings and raised its FY23 guidance.

Global Payments reported second-quarter FY23 adjusted net revenue growth of 7% year-on-year to $2.17 billion, slightly missing the consensus of $2.19 billion. Adjusted EPS of $2.62 beat the consensus of $2.58.

Global Payments raised FY23 adjusted net revenue to $8.660 billion - $8.735 billion (prior $8.635 billion - $8.735 billion). The company sees adjusted EPS of $10.35 - $10.44 (prior $10.32 - $10.44).

Global Payments shares rose 9.5% to close at $120.75 on Tuesday.

These analysts made changes to their price targets on Global Payments following earnings announcement.

• Keybanc boosted the price target on Global Payments from $125 to $135. Keybanc analyst Josh Beck maintained an Overweight rating.
• Stephens & Co. raised the price target on Global Payments from $135 to $145. Stephens & Co. analyst Charles Nabhan maintained an Overweight rating.
• Citigroup boosted Global Payments price target from $137 to $146. Citigroup analyst Ashwin Shirvaikar maintained a Buy rating.
• Mizuho raised Global Payments price target from $100 to $123. Mizuho analyst Dan Dolev maintained a Neutral rating.

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