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Fly News Breaks for June 5, 2019
FLT, WEX
Jun 5, 2019 | 05:08 EDT
Goldman Sachs analyst James Schneider upgraded Wex (WEX) to Buy from Neutral and raised his price target for the shares to $225 from $193 Both FleetCor (FLT) and Wex have "substantially" improved their execution over the past year and are on track to deliver "consistent," mid-to-high teens earnings growth over the next two years, Schneider tells investors in a research note. He sees improving organic growth in the core fleet card business as well as a secular market opportunity in business-to-business "where the companies are in leading positions." Further, both stocks currently trade at a discount to historical levels, adds Schneider. For Wex, he believes new client wins and growth in oil portfolios should drive continued growth in its Fleet Solutions unit.
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