Global Payments initiated with a Buy at BTIG

BTIG analyst Andrew Harte initiated coverage of Global Payments with a Buy rating and $135 price target. Global Payments’ global payments infrastructure enables more than 66B transactions per year, services 4M merchant locations, and the stock presents investors with an attractive entry point, the analyst tells investors in a research note. The firm says conviction in its Buy rating comes from the company’s tech-enabled revenues that are growing low- to mid-teens, the legacy pieces of the business benefiting from cash-to-digital structural tailwinds, and free cash flow generation presenting the potential for it to return capital to shareholders and pursue accretive acquisitions as leverage reaches normalized levels exiting fiscal 2023.