Global Payments price target raised to $115 from $105 at Jefferies

Jefferies analyst Trevor Williams raised the firm’s price target on Global Payments (GPN) to $115 from $105 and keeps a Hold rating on the shares. The firm forecasts 9% legacy Merchant growth in Q2, which it says would represent a decoupling from Visa’s (V) U.S. volume growth that it would expect to come from a combo of a more modest volume growth deceleration as Global Payments has more non-discretionary exposure, and less fuel, along with modest yield expansion.