Corpay price target raised to $440 from $400 at BMO Capital

BMO Capital raised the firm’s price target on Corpay (CPAY) to $440 from $400 and keeps an Outperform rating on the shares after holding talks with its management team. The firm comes away from discussions with incremental conviction in the significant organic and M&A opportunity for Corpay in Corporate Payments, stating that both sides of the business – Cross-Border and Payables – are differentiated relative to the company’s bank and Fintech competitors, the analyst tells investors in a research note. Corpay appears well-positioned to benefit from broader B2B payment adoption and vertical-specific tailwinds, BMO adds.