Wex downgraded to Neutral from Buy at Citi

Citi downgraded Wex (WEX) to Neutral from Buy with a price target of $190, down from $260, as the firm transferred coverage of the stock to a new analyst. While the stock’s multiple is near multi-year lows, the firm does not see near-term catalyst for a meaningful re-rating as each segment is working through various inhibitors to growth, the analyst tells investors.