Barclays analyst Ramsey El-Assal downgraded Wex (WEX) to Equal Weight from Overweight with a price target of $200, down from $207. The firm awaits more clarity on the company’s “evolving growth algorithm” in both the Mobility and Corporate Payments segments. In Mobility, Barclays sees a more mature U.S. fuel card market driving lower growth over time, with more near-term unfavorable impacts from lower consumer spend and volatile fuel prices.
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