Baird analyst David Koning upgraded Global Payments to Outperform from Neutral with a price target of $156, up from $130. The company is maintaining market share, Q1 industry trends seem "quite good" and a mid-2024 valuation for the stock could be $156, the analyst tells investors in a research note. The firm says it is "hard for the Street to ignore" Global’s earnings growth of mid-teens on a sustained basis at a "significantly lower-than-S&P multiple." Fear of slowing merchant trends seems somewhat overblown, contends Baird.
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