Global Payments price target lowered to $133 from $135 at TD Cowen

TD Cowen lowered the firm’s price target on Global Payments (GPN) to $133 from $135 and keeps a Buy rating on the shares. The firm said the 4Q print and guide largely went as expected though FX and EPS convention change added variability versus the Street. The companyremains a show me with 2H acceleration dependent on solid execution on the organizational transformation, but that largely is accounted for in valuation.