Global Payments price target lowered to $77 from $105 at Wells Fargo

Wells Fargo analyst Andrew Bauch lowered the firm’s price target on Global Payments (GPN) to $77 from $105 and keeps an Equal Weight rating on the shares. Following Global Payments’ announcement of a 3-way mega deal with FIS (FIS)/GTCR, shares were under significant pressure as bull/bear debates ensued, the firm notes. Evidently, the bears won the round as many questioned economics, future execution potential, and long-term growth. While the initial stock reaction appears overblown, more questions than answers were received, Wells argues.