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Fly News Breaks for September 30, 2019
FLT
Sep 30, 2019 | 16:38 EDT
Raymond James analyst John Davis resumed coverage of FleetCor with a Market Perform rating and a price target of $314. The analyst is positive on the company's efforts in continuing to grow its core fleet card business at an "impressive clip" of high-single-digits while at the same time using its "significant" free cash flows to diversify the company into faster-growing businesses, such as B2B and corporate payments and tolls. Davis adds that the leverage at FleetCor is at all-time lows of 2.1-times, noting that it would not be surprising for the management put the balance sheet to work in a "potentially meaningful way."
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