Wells Fargo Upgrades FleetCor Technologies (FLT) to Outperform; Attractive Valuation And Earnings Visibility Drives Upgrade

Wells Fargo upgraded FleetCor Technologies (NYSE: FLT) from Market Perform to Outperform with a price target range $38-40 from $31-33.

Wells analyst says, "Catalysts for our upgrade are as follows: (1) improved earnings visibility--we believe the recently announced acquisition of AllStar presents FLT with readily identifiable accretion and earnings growth opportunities as they integrate AllStar during 2012-13; (2) FLT is a high quality company--FLT has a very strong, cash flow-heavy business model with high barriers to entry and success and we believe management will continue to leverage the strengths of the business model and cash flow to benefit shareholders; and (3) attractive valuation--shares now carry a PE ratio that is a discount to our universe and our DCF model points to upside potential of about 37%."

"Estimates: Our 2012E revenue/EPS remain at $640MM/$2.57 and 2013E are $684MM/$2.84."

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 $28.44 yesterday.

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