Global Payments price target raised to $131 from $130 at Oppenheimer

Oppenheimer raised the firm’s price target on Global Payments to $131 from $130 and keeps an Outperform rating on the shares. Global Payments has run year-to-date, but the firm thinks there is likely still some relative outperformance in the stock vs. peers. With volume largely mirroring revenue growth and less dependence on travel normalization, Global payments is well positioned to keep 2024 merchant revenue growth from falling into the low-single digits than peers. Oppenheimer thinks Global Payments’ profile warrants a 12.0-times price-to-earnings multiple.