UPDATE: Citigroup Maintains Neutral, Ups Target to $32 on FleetCor

Citigroup reiterates its Neutral rating on FleetCor Technologies

and raises its price target to $32 from $30 as the company announces accretive deal. Citi says, “— FLT announced that it has acquired AllStar, a UK-based fuel card provider, from leasing company Arval for £194 mil (~$300 mil). The acquisition expands FLT's existing position in the UK (now 25%-30% of revs) by adding AllStar's small- and mid-sized fleet focus. The deal is expected to be accretive to 2012 adj. EPS by at least $0.20.” FLT closed at $29.41 per share on Tuesday.