Mizuho upgraded Global Payments (GPN) to Outperform from Neutral with a price target of $114, up from $86. The company’s increased scale following the Worldpay acquisition and $600M of cost synergies could unlock $5B of annual free cash flow potential by 2028, the analyst tells investors in a research note. The firm says this can drive 25% annual earning growth in the medium-term and a re-rerating of the shares. In addition, Global Payments faces improving small business tailwinds and self-help initiatives, contends Mizuho.
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