Credit Suisse downgraded WEX Inc. (NYSE: WEX) from Outperform to Neutral with a price target of $113.00 (from $108.00).

Analyst Paul Condra commented, ": We are downgrading to Neutral as we believe the current valuation is full at 21x PE. While we see no fundamental changes to the WEX story, we are cautious on seemingly slowing growth in travel, and continued softness in fleet same-store-sales growth. Additionally, while management has made progress on pricing, we believe gains may be less material from this point. While increasing gas prices could drive more upside to EPS, ongoing volatility complicates justifying a higher multiple. We model gas increasing 5% for both 2017 and 2018."

The firm increases 4Q16 EPS to $1.19 from $1.14. 2017 EPS stays at $5.27. They introduce 2018 EPS of $6.13.

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 $112.92 yesterday.