Global Payments downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Bryan Bergin downgraded Global Payments (GPN) to Hold from Buy with a price target of $78, down from $110. The firm favors the divestment of Issuer Solutions, but sees the Worldpay acquisition as adding complexity, leverage, and increased execution risk “that runs counter to needed simplification.” While Global Payments shares may be “cheap,” the company faces a lack of near-term positive catalysts to excite incremental investors while its net cyclical exposure increases amid “ramped uncertainty,” the analyst tells investors in a research note.