Global Payments Inc. (NYSE:GPN) dropped to a new 52-week low of $66.90 on Monday after Wells Fargo slashed its price target from $105.00 to $77.00. The firm issued an "equal weight" rating. Shares last traded at $67.22, down from the prior close of $69.46, with over 1.25 million shares changing hands.
Several other analysts also revised their targets. Barclays reduced its price from $125.00 to $110.00 and maintained an "overweight" rating. Citigroup cut its target slightly from $138.00 to $135.00 while retaining a “buy” recommendation. Morgan Stanley followed suit with a target cut from $166.00 to $163.00 and kept an “overweight” stance.
Evercore ISI began coverage with an “in-line” rating and set its target at $85.00. Meanwhile, Robert W. Baird lowered its price objective significantly from $145.00 to $100.00 while keeping an “outperform” rating.
MarketBeat data shows that 15 analysts currently rate the stock as a hold. Eleven analysts recommend buying, and one has issued a sell rating. The average consensus price target now stands at $117.36.
Technical Analysis
The daily chart highlights a sharp sell-off with high volume in April, pushing GPN below critical support. The price failed to hold the $92 level, breaking down with a gap and falling into oversold territory. Moving averages point to downward momentum. The 50-day, 100-day, and 200-day moving averages all hover above the current price.
RSI currently sits at 32.27, close to the oversold threshold. A minor bounce has occurred from the low, but resistance near $92 could cap gains. If selling pressure resumes, the price may revisit $66 or break lower towards $60.
Several other analysts also revised their targets. Barclays reduced its price from $125.00 to $110.00 and maintained an "overweight" rating. Citigroup cut its target slightly from $138.00 to $135.00 while retaining a “buy” recommendation. Morgan Stanley followed suit with a target cut from $166.00 to $163.00 and kept an “overweight” stance.
Evercore ISI began coverage with an “in-line” rating and set its target at $85.00. Meanwhile, Robert W. Baird lowered its price objective significantly from $145.00 to $100.00 while keeping an “outperform” rating.
MarketBeat data shows that 15 analysts currently rate the stock as a hold. Eleven analysts recommend buying, and one has issued a sell rating. The average consensus price target now stands at $117.36.
Technical Analysis
The daily chart highlights a sharp sell-off with high volume in April, pushing GPN below critical support. The price failed to hold the $92 level, breaking down with a gap and falling into oversold territory. Moving averages point to downward momentum. The 50-day, 100-day, and 200-day moving averages all hover above the current price.
RSI currently sits at 32.27, close to the oversold threshold. A minor bounce has occurred from the low, but resistance near $92 could cap gains. If selling pressure resumes, the price may revisit $66 or break lower towards $60.
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