Piper Jaffray analyst Jason Deleeuw upgraded Global Payments to Overweight and raised his price target for the shares to $131 from $121. The stock closed yesterday down $1.95 to $111.45.

The integrated payments channel in the merchant processing space is undergoing a “profound shift” with software solutions gaining power as omnichannel payments and business solutions become increasingly valued by merchants, Deleeuw tells investors in a research note. He sees Global Payments as “strategically well-positioned for the evolution.”

The analyst expects Global Payments’s “strong” competitive positioning will sustain a higher rate of long-term organic growth than peers and believes the stock warrants a premium valuation.