RBC Capital lowered the firm’s price target on Global Payments to $143 from $158 and keeps an Outperform rating on the shares. The firm is cutting its FY25 EPS view by 15c to $13.00 after the company provided its preliminary FY25 outlook at its recent investor day while also reducing its FY24 view by 2c to $11.63 on the likely continued weaker commercial card volumes in Issuer Solutions, the analyst tells investors in a research note. The firm’s below-peer assumed earnings multiple of 11-times is also warranted given the lowered FY25 guidance and the likely time gap necessary before revenue growth can reaccelerate, RBC added.
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