This payment stock can surge 25% as potential recession means less competition, Morgan Stanley says
Shares of Global Payments are set to surge as competition falls to the wayside, according to Morgan Stanley. The bank upgraded shares of the financial technology company to overweight from equal weight and boosted its price target to $135 from $124. The new price target implies 25% upside for the company. Shares rose more than 2% in premarket trading.
In addition, Global Payments is top of the list in the category due to its strategic outlook, including a focus on mergers and acquisitions. "We still believe M & A is the most efficient use of capital as it's the most direct way to improve competitive positioning," said Faucette. "In our view, GPN has been the most-fronted amongst the deal stocks recently and has a history of consistently strong execution on deals.
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