BMO Capital analyst James Fotheringham lowered the firm’s price target on Global Payments to $208 from $220 but keeps an Outperform rating on the shares. The analyst is citing the company’s higher-than-previously modeled funding costs and share counts overshadowing its "encouraging guidance" for 2023 revenue growth and operating margin expansion. The firm adds however that Global Payments de-rated meaningfully due to recession fears and share loss concerns, with valuation now "well below" the 17.5-times forward earnings multiple implied by the company’s revenue growth potential.
Published first on TheFly
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