Global Payments Upgraded To Buy From Neutral At Goldman Sachs

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Goldman Sachs analyst James Schneider upgraded Global Payments to Buy from Neutral and raised his price target for the shares to $128 from $122. The stock closed yesterday up $2.20 to $104.90.

The company has transformed its business with software technology in recent years and is on track to sustain 18% earnings growth, even as the stock has declined 25% from the 2018 peak, Schneider tells investors in a research note. He believes the share pullback is overdone and has created an attractive entry point "to own a best-in-class merchant acquirer."

Global Payments now trades at a valuation in line with the S&P 500 Index despite the company being on track to grow earnings 4.5 times faster, says Schneider. 

 

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