Global Payments reinstated with Neutral from Overweight at JPMorgan

JPMorgan downgraded Global Payments to Neutral from Overweight with a price target of $124, down from $170, following a period of restriction. The shares "appear cheap on many measures," but patience is required for management to execute and lift certain weights on the stock, the analyst tells investors in a research note. The weights that limit share upside include the company’s high leverage at 3.75 times and above average deal cost synergy targets, the analyst tells investors in a research note. The firm sees "little margin for error on a name that is accustomed to positive earnings revisions."