Bernstein analyst Harshita Rawat downgraded Global Payments (GPN) to Market Perform from Outperform with a price target of $112, down from $135. The firm acknowledged the stock’s “undemanding valuation,” but struggles to see upside catalysts over the next few months. The firm worries about churn dynamics as Global Payments unifies its retail and restaurant point of sale brands under Genius. Bernstein sees the next potentially positive catalysts likely in mid 2025 as share buybacks kick in.
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