BMO Capital initiated coverage of Fleetcor with an Outperform rating and $300 price target. Fleetcor, a leader in several B2B payment verticals, is poised to benefit from the secular digitization of B2B payments and several vertical-specific tailwinds, the analyst tells investors. Consensus estimates appear to only reflect organic growth, says the firm, which models 14% and 13% revenue growth in 2024 and 2025, respectively, versus consensus at 9% and 10%. The recent pullback leaves shares trading at “an attractive growth-adjusted multiple,” the analyst added.
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Read More on FLT:
- Fleetcor price target lowered to $235 from $245 at Mizuho
- Fleetcor price target lowered to $314 from $322 at Barclays
- Fleetcor sees Q4 adjusted EPS $4.34-$4.64, consensus $4.53
- Fleetcor sees 2023 adjusted EPS $16.82-$17.12, consensus $17.02
- Fleetcor reports Q3 adjusted EPS $4.49, consensus $4.51
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