William Blair downgraded Global Payments to Market Perform from Outperform without a price target following the investor day. The company’s merchant business faces structural competitive challenges impeding long-term organic revenue growth acceleration, the analyst tells investors in a research note. The firm says that while management positions 2025 as a transition year, marked by below-industry mid single-digit merchant organic revenue growth, it thinks the “challenges run deeper than a simple rebranding and go-to-market refresh.” As a result, Blair has low confidence that merchant organic revenue growth will reaccelerate in 2026 and beyond.
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