Wex initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Wex with an Equal Weight rating and $200 price target. The firm says that while Wex continues to see strong momentum within corporate payments and benefits businesses, the trajectory of mobility remains unclear, limiting the stock’s potential upside. The company continues to diversify away from its core mobility, but 20% of its revenue are still sensitive to the price of fuel, the analyst tells investors in a research note. Wells says macro volatility often translates to share volatility as a result.