Global Payments (GPN) PT Raised to $90 at KeyBanc

KeyBanc analyst Alex Markgraff raised the price target on Global Payments (NYSE: GPN) to $90.00 (from $80.00) while maintaining an Overweight rating.

The analyst commented: "Global Payments reported 1Q25 results consistent w/ the preannouncement on April 17 when the Worldpay/Issuer Solutions transaction was announced. Within merchant revenue, revenue growth across subsegments was stable sequentially, as was SMB volume growth. Leading indicators like POS and software bookings and integrated and embedded new ARR growth decelerated from 4Q24 (core payments new ARR stable). Much of the earnings process was spent exploring Worldpay transaction rationale, where we found detail on synergy opportunities and the pro forma financial profile to be incrementally positive. Updated MT guidance (pro forma, post Worldpay close) indicated the high end of the previously shared MT revenue growth guidance (MHSD), 50-100 bps of margin accretion, and EPS growth accretion to the midteens range (from prior low-teens). Our FY25/FY26 estimates move higher on modestly better than expected macro commentary and lower FX headwinds. Remain OW and raise PT to $90 on higher EPS."

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