Wex, Inc. (WEX): Notes From The Road - Jefferies
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Jefferies analyst, Ramsey El-Assal, Buy WEX Inc. (NYSE: WEX) after taking the company's management on a non-deal roadshow. Pricing remains a compelling ongoing opportunity for the company, and a key focus area for investors. In addition, the 2017 setup looks solid with tailwinds that could include: 1) benefits from the recently announced MasterCard deal renewal, 2) EFS deal accretion, 3) potential broader C-Trip roll out, and 4) modest incremental accretion from ESSO.
WEX provided color on the ongoing pricing opportunity, indicating that successful preliminary Q2 testing of the higher 6.99% late fee level (vs. 2.99% prior) likely supports a more comprehensive fleet-wide (SMB) rollout. Historical precedent suggests the higher fee will first be rolled out to direct customers, followed by incremental testing, before being rolled out to indirect customers.
No change to the price target of $114.
Shares of WEX Inc. closed at $105.02 yesterday.
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