Shift4 Payments (FOUR) had a "relatively strong" performance in Q3 despite volatile same-store sales trends and weakness in Asian markets impacting Global Blue sales, Morgan Stanley analysts said in a Friday note.

The company's management called out "meaningfully" volatile trends across restaurants and hospitality, where growth rates ranged from a 1% rise to a 4% decrease, the analysts said. They added that a weak Japanese yen in the summer impacted Global Blue's contribution to overall sales.

The analysts said that over the coming quarters, they will be on the lookout for more consistent updates on cross-sell progress with Global Blue, synergy realization within recent acquisitions, and consistent disclosures on organic growth.

The analysts added that they are encouraged by the company's mergers and acquisitions and accelerating share buybacks.

Morgan Stanley lowered its price target on the stock to $80 from $86, with an equalweight rating.

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