Jefferies downgraded Global Payments (NYSE: GPN) from Buy to Hold with a price target of $135.00 (from $129.00) on valuation.

Analyst Jason Kupferberg commented, "We are downgrading GPN to Hold from Buy on valuation. We couldn't have asked for more from F1Q results, and we believe GPN continues to have fundamental momentum, but we are surprised by the magnitude of the move in shares since the print. With GPN trading at 21x C16 P/E and 13x C16 EV/EBITDA, we believe sentiment has largely peaked and further multiple expansion will be challenging."

The firm raised FY 2015 EPS from $5.70 to $5.91 and FY 2016 EPS from $6.41 to $6.64.

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 $132.45 yesterday.