Global Payments price target lowered to $85 from $115 at JPMorgan

JPMorgan lowered the firm’s price target on Global Payments (GPN) to $85 from $115 and keeps a Neutral rating on the shares. The company’s Q1 results were consistent with the preliminary view given mid-April, while underlying trends were healthy and better than key peer results, driving much of the focus back on the pending Worldpay acquisition, the analyst tells investors in a research note. The firm remains “hesitant to underwrite accelerating growth” in the combined entity given the complexity of the integration and without better understanding of the steps that have been taken to improve Worldpay’s growth.