Morgan Stanley analyst James Faucette upgraded Global Payments to Overweight from Equal Weight with a price target of $135, up from $124. The analyst cites a more favorable competitive backdrop, attractive valuation, the company’s "better recession resilience than feared" and its consistent execution on strategic acquisitions for the upgrade. The competitive environment is changing to favor the incumbents in the payments space, Faucette tells investors in a research note. He believes the shares offer a "compelling valuation" at current share levels.
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Published first on TheFly
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