Corpay price target raised to $380 from $350 at Morgan Stanley

Morgan Stanley analyst James Faucette raised the firm’s price target on Corpay (CPAY) to $380 from $350 and keeps an Equal Weight rating on the shares. Bulls “got what they wanted with this print,” namely organic acceleration, a constructive Corporate Payments outlook with the potential for outperformance, a lower cash EPS bar, and “an actionable M&A pipeline,” the analyst tells investors in a post-Q4 note. The firm thinks FY25 Corporate Payments commentary for “high-20s” reported revenue growth is “conservative” and sees the potential for 30%-plus reported revenue growth, the analyst added.