Global Payments stock price target raised to $135 from $130 at KeyBanc Capital

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Global Payments’ stock gains after profit beat, buybacks boost

Shares of Global Payments Inc. edged up 0.5% in premarket trade Wednesday, after the payment technology company reported adjusted earnings that topped expectations and boosted its share repurchase program. Net income fell to $75.2 million, or 47 cents a share, from $242.0 million, or $1.51 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.33, above the FactSet consensus of $1.32. Net revenue fell to $880.6 million from $1.05 billion a year ago. Adjusted revenue plus network fees, which reflects the adoption of new accounting standards, rose to $1.038 billion from $923.74 million, in line with the FactSet consensus of $1.036 billion. For 2019, the company expects adjusted EPS of $5.90 to $6.10 and adjusted revenue plus network fees of $4.43 billion to $4.49 billion, compared with the FactSet EPS consensus of $6.04 and the revenue consensus of $4.43 billion. The company increased its stock repurchase program to $750 million. The stock has climbed 8.2% over the past three months through Tuesday, while the Dow Jones Industrial Average has tacked on 0.6%.

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