Cowen Raised PT to $100 on Heartland Payment Systems (HPY) Following Announced Acquisition by Global Payments (GPN)

Cowen reiterated a Market Perform rating on Heartland Payment Systems (NYSE: HPY), and raised the price target to $100.00 (from $74.00), following Global Payments (NYSE: GPN) announcement that it has entered into a definitive agreement to acquire Heartland Payments Systems. The deal is expected to close in GPN's F4Q16.

Analyst George Mihalos commented, "Global Payments (GPN, Outperform, $71) announced it has entered into a definitive agreement to acquire Heartland Payments Systems (HPY, Market Perform) for a cash-and-stock transaction representing $100/share, or $4.3B. We are concurrently raising our price target to $100. The deal is expected to close in GPN's F4Q16 (May FY end). Given the implied valuation of ~30x P/E / 15.4x EV/EBITDA based on our 2016 estimates, we believe a competitive bid is unlikely."

For an analyst ratings summary and ratings history on Heartland Payment Systems click here. For more ratings news on Heartland Payment Systems click here.

Shares of Heartland Payment Systems closed at $85.10 yesterday.

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