FleetCor Technologies (FLT) PT Raised to $325 at Jefferies

Jefferies analyst Trevor Williams raised the price target on FleetCor Technologies (NYSE: FLT) to $325.00 (from $300.00) while maintaining a Buy rating.

The analyst commented, "Paring back rev and EPS ests. as we assume organic growth stays ~flat on the 2yr stack across most segments, partially offset by recent M&A (AFEX, ALE) and higher fuel prices. In Fuel, we hold the organic 2yr stack flat with the +3% in 2Q, with a flattening macro recovery across most geographies compounded by supply chain bottlenecks. We expect a $1mn-2mn Q/Q tailwind from higher fuel prices, while spreads were ~in-line with 2Q. At
the consolidated level, we expect the tailwind from FX to moderate by ~$8mn from 2Q, as dollar weakening eased across most currencies. We lower our 3Q21 rev est to $730mn (fr. $744mn prior and Street $737mn), reflecting organic rev +14% y/y (+3% on 2yr stack) as we model less organic improvement in Fuel, Corp Pay, Lodging, and Other. 3Q EPS
moves to $3.40 (fr. $3.46), below $3.48 cons."

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