Global Payments price target raised to $160 from $145 at Truist

Truist analyst Andrew Jeffrey raised the firm’s price target on Global Payments (GPN) to $160 from $145 and keeps a Buy rating on the shares as part of a broader research note on Fintech Payment Processing names. Legacy Processors have outperformed high-growth peers, and while some meat reversion was justified, it also creates an “asymmetric” positive long-term risk-reward that sets up Block (SQ) and PayPal (PYPL) for “relative outperformance”, the analyst tells investors in a research note. Truist adds that the firm is still positive on Global Payments as mean reversion gives “scant credit” to the company’s consistently superior execution, an evolving framework in which a new CEO is positioning the business, as well as revenue and margin accretion from the EVO Payments acquisition.