Nomura Securities Starts Global Payments (GPN) at Buy; Play on Secular Story Without the Regulatory Risk

Nomura Securities initiates coverage on Global Payments (NYSE: GPN) with a Buy. PT $57.00.

Nomura analyst, Bill Carcache, said, "We believe Global Payments is poised to continue to drive strong growth based on market-leading positions in 93% of the world‘s card markets. Management has implemented a number of initiatives that we expect will drive greater-than-expected margin expansion despite the ISO accounting noise. Additionally, their business stands to actually benefit from debit interchange regulation. Our FY’12 and FY’13 EPS ests are $3.49 and $3.90, respectively. GPN shares currently trade at about ~13x forward earnings, well over one standard deviation below their long-term average of over 20x."

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 $44.34 yesterday.

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