Jefferies Reiterates Buy on Fleetcor Technologies, Inc. (FLT) After Meeting with Management
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Jefferies reiterated a Buy rating and $186.00 price target on FleetCor Technologies (NYSE: FLT) after hosting meetings with management. Jefferies came away feeling incrementally positive on FLT's plans to unlock STP synergies, and more confident in the company's ability to hit its stated goal of doubling STP's profitability over time.
Analyst Ramsey El-Assal commented, "We hosted FLT's CEO and CFO in Boston yesterday and came away with the following key takeaways: 1) FLT's methodical approach to unlocking STP synergies should make the deal more accretive than anticipated, 2) the company's corporate payments/virtual card business is set to return to sustainable high-teens growth, 3) we don't believe Street estimates have sufficiently factored in a potential improvement in 2017 macro/fuel/FX environment."
Shares of FleetCor Technologies closed at $174.48 yesterday.
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