Goldman Sachs Raises Price Target On Global Payments

According to Goldman Sachs, Global Payments GPN 12-month price target is raised. Goldman Sachs said that, following the release of the Fed's final rules on debit interchange (6/29), and reflecting continued strong consumer activity as noted in this week's reported same-store sales, it is adjusting its 12-month price target on GPN shares to $48 from $44, suggesting 10% downside. “With no change to estimates, our price target change reflects specifically an adjustment to our implied P/E multiple, given increased confidence in our estimates and strong spending backdrop. Our new price target now reflects a P/E multiple of 16.5X our CY11 EPS estimate of $2.92 up from 15X previously.” Global Payments closed on Friday at $52.24.