Global Payments' (GPN) pending $24.3 billion acquisition of Worldpay may introduce some "complexities" despite bringing a host of benefits, Oppenheimer said in a note Tuesday.
The firm said the deal would add scale to Global Payments' merchant business and create cross-selling opportunities, while also strengthening its e-commerce presence.
However, Oppenheimer noted that Worldpay faces intense competition and may require product investments to sustain current growth rates.
"An acquisition of this magnitude enhances execution risk, particularly on synergies," Oppenheimer said.
Still, the firm said its model aligns with Global Payments' guidance for modest earnings per share accretion in year 1 and mid-to-high single-digit accretion in year 2.
The firm lowered its 2026 EPS estimate by 2% to $13.34 and raised its 2027 forecast by 8% to $16.54 to reflect the acquisition's impact.
"We remain on the sidelines until further proof-points emerge regarding [Global Payments'] ability to accelerate organic revenue beyond the 2025 "transition" year," according to the note.
The firm has a perform rating on the stock.
Price: 75.84, Change: +1.75, Percent Change: +2.36
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