Global Payments price target lowered to $122 from $149 at BofA

BofA analyst Jason Kupferberg lowered the firm’s price target on Global Payments (GPN) to $122 from $149 and keeps a Buy rating on the shares. Sentiment has “nose-dived off already low levels” since the announcement on April 17 that Global plans to acquire Worldpay, while simultaneously selling its Issuer business, the analyst tells investors. However, if Worldpay is a better asset than the Street believes and the U.S. avoids a significant recession, the firm thinks the current valuation will prove to be a particularly good entry point, the analyst added.