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UPDATE: Evercore ISI Assumes WEX Inc. (WEX) at Outperform

June 2, 2022 6:01 AM EDT
Get Alerts WEX Hot Sheet
Price: $164.38 -1.78%

Rating Summary:
    14 Buy, 9 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 42 | New: 10
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(Updated - June 2, 2022 6:02 AM EDT)

Evercore ISI analyst Sheriq Sumar assumes coverage on WEX Inc. (NYSE: WEX) with a Outperform rating and a price target of $230.00.

The analyst comments "WEX benefits from a secular shift towards automation of B2B payments with a large addressable market of $24 billion in revenues across fuel cards, travel and corporate payments and healthcare. We expect WEX to deliver revenue growth at the higher end of its 10-15% guidance range over 5 years as WEX executes on several organic and inorganic growth initiatives. Moreover, WEX’s revenue benefits from higher fuel prices and a rebound in global travel, with 20% of revenue sensitive to fuel price changes and 6% revenue exposure to travel. And while WEX has outperformed the broader equity markets and payments sector YTD, we see potential for further upside given a deeply discounted valuation – both on an absolute and relative basis. Meanwhile, recent market volatility created a big disconnect between higher fuel cost and WEX’s stock price, which historically moved in tandem, implying a potential “catch up” in the near term if fuel prices stay elevated."

For an analyst ratings summary and ratings history on WEX Inc. click here. For more ratings news on WEX Inc. click here.

Shares of WEX Inc. closed at $169.71 yesterday.


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