Citi Upgrades FleetCor Technologies (FLT) to Buy
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Citi analyst Ashwin Shirvaikar upgraded FleetCor Technologies (NYSE: FLT) from Neutral to Buy with a price target of $310.00 (from $290.00).
The analyst comments "After “Buckling Up” on the fuel card names roughly a year ago, we believe both FLT and WEX are now positioned for a positive earnings revision cycle – mitigating downside risk over the near-term. Rising fuel prices certainly help the equation, yet takeaways from our meetings a few weeks ago indicate that volume recovery (ex- leisure travel) is beginning to improve at a better-than-expected rate. We upgrade FLT to Buy believing that faster recovery momentum and “buy-back optionality” is not factored yet into consensus estimates or the current multiple. Longer-term, we think WEX likely has a greater degree of earnings power expansion ahead, though uncertainty on the global travel recovery, the bulk of potential upside revisions, presents too much “push out” risk for now, in our view."
Shares of FleetCor Technologies closed at $270.30 yesterday.
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