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WEX

Wex

$150.78

-3.55 (-2.30%)

07:01
11/21/18
11/21
07:01
11/21/18
07:01

Wex price target lowered to $186 from $230 at Deutsche Bank

Deutsche Bank analyst Ashish Sabadra lowered his price target for Wex to $186 to reflect the "severe" oil price decline. The analyst now estimates a blended fuel price for 2019 and 2020 of $2.66 compared with his prior estimate of $2.95. Every 10c move in fuel prices has an 18c per share impact on Wex's earnings, Sabadra tells investors in a research note. The analyst, however, maintains a Buy rating on the stock. He believes Wex's fundamentals remain stable and that market share gains bode well for sustained high single- to low double-digit organic growth in 2019 and 2020.

WEX Wex
$150.78

-3.55 (-2.30%)

11/14/18
LEHM
11/14/18
INITIATION
Target $211
LEHM
Overweight
Wex initiated with an Overweight at Barclays
Barclays analyst Ramsey El-Assal initiated Wex with an Overweight and $211 price target.
11/14/18
LEHM
11/14/18
INITIATION
LEHM
Overweight
Barclays initiates coverage of U.S. payment processors with PayPal as top pick
As noted earlier, Barclays analyst Ramsey El-Assal initiated a group of 20 U.S. companies in the Payments, Processing, and related IT Services sector with Overweight-rated PayPal (PYPL) as his Top Pick. The analyst cites the company's "100% exposure to high-growth digital channels" along with its "clean balance sheet substantial cash position" that bring it a "strategic opportunity. El-Assal is also particularly positive on Overweight-rated WorldPay (WP) based on its strong growth potential from its exposure to "tech-enabled channels" and merger synergies, FirstData (FDC) based on the accelerating growth of its merchant channels, and Square (SQ)," whose Subscription & Services segment is blurring the lines between Payments and software". The analyst contends that the extent of being "tech-enabled" is a key differentiator in the Payments industry, assigning an Overweight rating to Alliance Data Systems (ADS), ADP (ADP), Cardtronics (CATM), Fidelity National (FIS), First Data (FDC), Fiserv (FISV), Fleetcor Technologies (FLT), Global Payments (GPN), Green Dot (GDOT), Mastercard (MA), Total System Services (TSS), Visa (V), and WEX Inc (WEX). El-Assal assigns Equal-weight ratings to EVO Payments (EVOP) and Paychex (PAYX), stating that while the companies are "solid performers" in the space, their valuation is seen as more balanced. The analyst rates MoneyGram (MGI) and Western Union (WU) at Underweight, saying that the former will struggle to re-ignite positive growth as the costs associated with regulatory scrutiny weigh on its profits and the latter will be challenged by "periodic pricing pressure eroding margins over a long period of time."
11/15/18
JPMS
11/15/18
NO CHANGE
Target $199
JPMS
Neutral
JPMorgan 'incrementally positive' on Wex fundamentals after investor day
JPMorgan analyst Tien-tsin Huang lowered his price target for Wex to $199 from $210 to reflect lower fuel prices and peer multiples. The analyst, however, is "incrementally positive on the fundamentals" following Wex's investor day. What stood out is the company's' "strong client and tech culture, which helps explain its recent deal win streak to support premium growth," Huang tells investors in a research note. The analyst, however, keeps a Neutral rating on the shares.
11/16/18
WBLR
11/16/18
NO CHANGE
WBLR
Outperform
Wex recent 20% selloff overdone, says William Blair
Wex shares are down about 20% from their highs due to the fuel price pressures and the general market selloff, William Blair analyst Robert Napoli tells investors in a research note. However, he points out that his estimate reduction to reflect the fuel price move was only about 2% of earnings. The analyst left this week's investor day "with high confidence in the long-term growth of the company and greater appreciation for the company's technology and myriad growth drivers." The business is much more diverse than it was in the past, which has added to visibility of long-term goals of 10% to 15% revenue and 15% to 20% EPS growth, Napoli tells investors in a research note. He also believes Wex's goal to double in size within the next five years is reasonable.

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