Nomura Securities Defends Global Payments (GPN); Breach Disappointing, But Selling Pressure Appears Overdone

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Nomura Securities maintains a 'Buy' on Global Payments (NYSE: GPN) price target of $57.00.

Analyst, Bill Carcache, said, "Media reports from this morning indicate that a data breach occurred at Global Payments. Initial reports suggest that a total of 10 million cards may have been compromised. While this amount remains unconfirmed, we quantify the magnitude of the potential loss based on the 2008 data breach experienced by Heartland Payments (NYSE: HPY). We estimate that the loss per card associated with the Heartland breach was approximately $1 per card. If we assume the same loss rate for Global Payments, we estimate that its liability is approximately $0.13 per share."

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 $52.23 yesterday, with a 52 week range of $38.26-$53.93.

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