Wex upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Darrin Peller upgraded Wex to Outperform from Peer Perform with a $240 price target. The upgrade is driven by WEX’s potential for upward estimate revisions given fundamental improvements and an incrementally favorable macro backdrop, the analyst tells investors in a research note. The firm sees 2023 as a “tough year” for WEX given fuel price compares and a challenging freight market, but says signs are emerging that earnings growth should reaccelerate in 2024-2025.