Global Payments price target lowered to $65 from $93 at Redburn Atlantic

Redburn Atlantic lowered the firm’s price target on Global Payments (GPN) to $65 from $93 and keeps a Sell rating on the shares. The firm views the payments sector as “misunderstood.” The sector is cheap with limited earnings risk and strong cash returns, the analyst tells investors in a research note. Mastercard and Toast are Redburn’s top picks. It sees concerns around the impact of the cycle on payments as misunderstood. Payment businesses are geared to nominal consumption and a potential recession will be a unit recession rather than nominal, contends Redburn. The firm cut estimates across the group to reflect the economic slowdown.