Atlanta-based Global Payments (GPN) has announced that it is reducing expectations for 1Q20 based on a material slowdown in activity to end the quarter. Furthermore, the company suspended its full year 2020 guidance given uncertainties around the duration and severity of COVID-19.
“Adjusting for the updated guidance, our 1Q EPS moves to $1.54 (from $1.67). Our 2020 EPS moves to $6.30 (from $6.85). Our one-year price target moves to $158 (from $168), applying a 25x multiple” commented Rosenblatt Securities’ Kenneth Hill on the news.