Global Payments initiated with a Hold at Truist

Truist initiated coverage of Global Payments (GPN) with a Hold rating and $79 price target While shares screen as cheap and management is working through streamlining and simplifying the business, Truist says “it is difficult” to model better than 4%-5% organic revenue growth, the analyst tells investors in a research note. Truist expects shares to remain range bound until the Tsys/Worldpay asset swap closes and sees better value in other large caps in its coverage universe.