Global Payments price target raised to $160 from $135 at Bernstein

Bernstein analyst Harshita Rawat raised the firm’s price target on Global Payments to $160 from $135 and keeps an Outperform rating on the shares. The firm is “increasingly bullish” about a long-awaited re-rating of Global Payments stock, which trades at a deeply attractive valuation of 11-times 2024 price-to-earnings for a mid- to high-single-digit revenue and teens EPS grower. There is a significant disconnect between stable underlying fundamentals and narrative around disruption, Bernstein says. 2023 numbers appear achievable and even beatable. The stock is still “terribly under-owned by long-onlys,” it adds.