Global Payments downgraded to Sell at Redburn on payment processing competition

Redburn downgraded Global Payments to Sell from Neutral with a $105 price target. Global Payments is “particularly exposed to payment processing competition,” with limited product differentiation, but the stock is currently commanding top decile margins in the S&P 500, the analyst tells investors. The firm notes its calendar 2025 adjusted EPS forecast is 6% below consensus, without assuming macro pressures, since “the Street looks too optimistic on the margin trajectory” and it assumes the stock’s valuation premium to Worldline moderates.