Credit Suisse analyst Timothy Chiodo initiated FleetCor with a Neutral rating and $335 price target. In a research note to investors, Chiodo says that while he is positive on the underlying businesses with a return to stronger growth in Fuel, faster-growth platforms in corporate payments and Brazil, and the prospect for more of what FleetCor does best -- cross-sell and accretive M&A -- he is initiating with a Neutral due to valuation. Based on his analysis of Beyond Fuel, he believes the combined initiatives can contribute ~100-150bps in organic growth for the next several quarters, increasing his confidence that the segment can sustain a high-single-digit growth trajectory through 2020E, he adds.