U.S. markets closed
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • Dow 30

    31,500.68
    +823.28 (+2.68%)
     
  • Nasdaq

    11,607.62
    +375.42 (+3.34%)
     
  • Russell 2000

    1,765.74
    +54.07 (+3.16%)
     
  • Crude Oil

    107.06
    +2.79 (+2.68%)
     
  • Gold

    1,828.10
    -1.70 (-0.09%)
     
  • Silver

    21.13
    +0.09 (+0.42%)
     
  • EUR/USD

    1.0559
    +0.0034 (+0.33%)
     
  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     
  • GBP/USD

    1.2255
    -0.0005 (-0.04%)
     
  • USD/JPY

    135.2100
    +0.2770 (+0.21%)
     
  • BTC-USD

    21,218.68
    +1.87 (+0.01%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • Nikkei 225

    26,491.97
    +320.77 (+1.23%)
     

Here's Why Citi Is Incrementally Bullish On FleetCor, WEX

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Citi analyst Peter Christiansen expressed incremental bullishness on FleetCor Technologies, Inc (NYSE: FLT) and WEX Inc (NYSE: WEX), lifting estimates and target prices on both, given rising fuel prices and solid demand signs.

  • As a reminder, the incremental flow-through on higher fuel was highly margin-accretive.

  • Christiansen upgraded WEX from Neutral to Buy on higher fuel and increased potential for better-than-expected travel volumes.

  • Both FLT and WEX remain at least 6-7 turns below their pre-pandemic multiples despite their strong rebounds towards “compounder” status.

  • Given FLT’s and WEX’s more niche end-markets, respective competitive moats, and compounding capability, Christiansen was against labeling them as “legacy” FinTech players.

  • Both names were likely to remain macro sensitive, though, at current levels, he saw rising investor interest beginning to gain traction, likely leading to multiple expansions ahead.

  • Price Action: FLT shares traded lower by 1.50% at $237.82 on the last check Friday. WEX shares traded lower by 0.92% at $171.29.

Latest Ratings for WEX

Date

Firm

Action

From

To

Feb 2022

Mizuho

Maintains

Buy

Feb 2022

Credit Suisse

Maintains

Neutral

Jan 2022

Mizuho

Maintains

Buy

View More Analyst Ratings for WEX

View the Latest Analyst Ratings

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.