Global Payments (GPN) PT Raised to $99 at Piper Jaffray

Piper Jaffray analyst Jason Deleeuw raised his price target on Global Payments (NYSE: GPN) to $99.00 (from $92.00) but stopped short of upgrading the stock and maintained a Neutral rating.

Deleeuw commented, "We believe GPN’s local currency fundamentals remain solid across its global footprint and in its direct distribution channels. However, FX has become a greater headwind than when GPN last updated guidance in early January. We modestly reduce our ‘15/’16 revenue and EPS outlooks to account for greater FX headwinds, bringing our ’15 outlook nearly in-line with consensus, though our ’16 outlook remains above consensus. We continue to believe GPN has transformed into a sustainable margin expansion story and remains strategically well-positioned in the integrated payments channel. We remain Neutral, however, as GPN trades at the high-end of our expected valuation range for merchant processors, and we believe FX headwinds limit upside to consensus EPS expectations that now largely reflect interchange benefits in Europe."

The firm trimmed FY 2015 EPS from US$4.85 to US$4.79 and FY 2016 EPS from US$5.50 to US$5.48.

For an analyst ratings summary and ratings history on Global Payments click here. For more ratings news on Global Payments click here.

Shares of Global Payments closed at $91.68 yesterday.

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