UPDATE: Duncan Williams Raising Price Target On Global Payments, Inc. (GPN)

Duncan Williams is raising its price target on shares of Global Payments, Inc. GPN to $52 from $55, and it has a Buy rating on shares. In a note to clients, Duncan Williams writes, "Global Payments reported F3Q11 results that were ahead of expectations on revenues, but EPS missed our expectations as margins were below our estimates. Fortunately, management reiterated its guidance for FY11, which implies that F3Q was in-line with the company's internal plan and all of the drivers of a strong F4Q remain intact. Since GPN does not provide quarterly guidance and F3Q is seasonally the weakest quarter of the company's fiscal year, were are not very concerned by the F3Q EPS miss. The stock may lose some of its near-term momentum, but we think our thesis for improved EPS growth in FY12 remains on track. We are trimming our FY11 EPS estimate by $0.02 while maintaining our FY12 EPS estimate at $3.17. We are raising our twelve-month price target to $55 from $52. Our new target is based on a 15x multiple on our calendar 2012 cash EPS estimate of $3.73." Shares of GPN lost $1.62 in after-hours trading yesterday to close at $47.30.