Global Payments is trading 4.2% up at $84.28, with Bank of America’s coverage reinstatement serving as a company-specific catalyst.
- On October 15, Bank of America reinstated coverage with a Buy rating and a $114 price objective, citing the Worldpay transaction, a target of roughly $600 million in synergies, and valuation it considered attractive.
- Broader markets were mixed: the Dow was up 1.01%, the S&P 500 up 0.23%, and the Nasdaq down 0.15%; that backdrop does not explain the move as well as the stock-specific coverage news.