Barclays Maintains an 'Equalweight' on FleetCor Technologies (FLT); AllStar a Strategic Fit With Further Room on Accretion

Barclays maintains an 'Equalweight' on FleetCor Technologies (NYSE: FLT) price target raised $2 to $37.00.

Barclays analyst says, "...While we recognize that the acquisition further increases FLT's European footprint in what remains an uncertain macro environment, we believe the acquisition is attractive due to: 1) the strategic rationale (AllStar is a pure play fuel card company in a market where FLT already has a presence); 2) AllStar's fixed-fee, stable revenue model; 3) likely conservatism built into management's $0.20 accretion assumption to 2012 adjusted EPS (which includes technology and marketing investments, with very little synergies); 4) FLT's strong integration track record (having done 40 deals since the company's founding); and 5) FLT gains 50 million GBP of incremental working capital/liquidity associated with the potential to securitize receivables."

For an analyst ratings summary and ratings history on FleetCor Technologies click here. For more ratings news on FleetCor Technologies click here.

Shares of FleetCor Technologies closed at $29.41 yesterday.

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