Analyst Note
| Brett Horn, CFA |While some headwinds persist, Global Payments continued to see its results bounce back from the impact of the COVID-19 pandemic. While the rate of recovery appears to be underwhelming the market, we believe the market is overly focused on the near-term ups and downs created by the pandemic. In our view, Global Payments is attractive fundamentally, as the narrow-moat franchise should continue to benefit from a long-term favorable secular trend, and we see the shares as materially undervalued. We will maintain our $186 per share fair value estimate.