Global Payments price target lowered to $155 from $188 at Deutsche Bank

Deutsche Bank analyst Bryan Keane lowered the firm’s price target on Global Payments to $155 from $188 and keeps a Buy rating on the shares. No fintech "will escape unscathed in an economic slowdown," but revenue and earnings cuts will be manageable, specifically in comparison to other sub-sectors in technology, Keane tells investors in a research note. The analyst believes fintech will continue benefitting from the secular adoption of electronic payments which will work to offset any slowdown in consumer spending and keep sales growing positively, even in the face of macro headwinds. He cut sector estimates to reflect a slowing of growth starting in Q1 of 2023 and has modeled a gradual recovery beginning in earnest in Q2. Keane continues to believe his fintech coverage will outperform the broader market in 2023.