Evercore ISI upgraded Global Payments to Outperform from In Line with a price target of $185, up from $129. The analyst sees 2024 “as a year of steadily improving financial performance given cleaner comparisons” for Global Payments following the anniversaries of the NetSpend and Gaming business divestitures, the ramp of EVOP cost synergies, and its “superior positioning” in high growth, tech-enabled solutions. The firm envisions meaningful upward revisions to 2024 and 2024 adjusted earnings consensus estimates plus forward multiple expansion stemming from declining capital intensity and improved free cash flow conversion.
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