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Global Payments price target lowered to $135 from $145 at KeyBanc

KeyBanc analyst Alex Markgraff lowered the firm’s price target on Global Payments to $135 from $145 and keeps an Overweight rating on the shares after attending the company’s 2024 investor day, where it introduced a rather substantial operational transformation initiative, offered much needed color on Merchant Solutions subsegment financial profiles, and introduced FY25 guidance/an updated MT model outlook. Below the Street preliminary guidance for FY25 signaled a “transition year” as resources are to be reallocated in Merchant Solutions to accommodate the ongoing operational transformation, the firm notes. FY25 aside, KeyBanc was encouraged by the FY26/2027 portion of the MT outlook and refreshed capital allocation.

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