Mizuho analyst Dan Dolev reiterated an Outperform rating and $110.00 price target on Global Payments (NYSE: GPN).

The analyst comments "GPN is trading down double-digits, likely due to street commentary suggesting 2Q estimates might need to be revised downward. Upon further investigation, we believe these worries are overblown. Reality is there is no reason to believe 2Q guidance should be changing. For instance, the CFO reiterated the guide at a conference ~2 weeks ago on 5/20. For reference, management provided guidance that is inclusive of ~100bps headwind from middle-east / tax. We estimate ~3.5% top-line growth in 2Q and ~42%, which is roughly in-line with the guidance."

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Shares of Global Payments closed at $74.03 yesterday.