Global Payments downgraded to Equal Weight from Overweight at Stephens

Stephens analyst Charles Nabhan downgraded Global Payments (GPN) to Equal Weight from Overweight with a price target of $120, down from $125. While the firm acknowledges the discounted valuation, it believes shares lack a meaningful catalyst to the upside. Additionally, it believes strategic activities, restructuring of the go-to-market function and consolidation of POS brands that face heightened competition add “significant noise and execution risk,” the analyst tells investors.