Jefferies analyst Trevor Williams raised the firm’s price target on Global Payments (GPN) to $130 from $120 and keeps a Buy rating on the shares. The firm updated its payments models to reflect the key themes post Q2 earnings. The group is in a better spot with stable trends expected to persist through the second half of 2024, and an increasing number of “own-able stories,” the analyst tells investors in a research note. Corpay (CPAY) is Jefferies’ top pick coming out of Q2. It views Global Payments as “too cheap” relative to what its revenue and earnings growth algorithm can produce over the med-term.
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