UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on FleetCor Technologies on Q4 Beat
In a report published Friday, Goldman Sachs reiterated its Neutral rating on FleetCor Technologies (NYSE: FLT), and raised its price target from $58.00 to $62.00.
Goldman Sachs noted, “We remain Neutral rated on the shares given a balanced risk-reward, but acknowledge the company's strong execution and sustained EPS growth prospects of the model. The combination of sustained organic revenue growth and recent M&A efforts should continue to power the model to achieve its 10%+ top-line and 20% bottom line mid-term targets. The company continued to benefit from healthy pricing leverage with revenue per transaction up 13% and 8% in North America and International, respectively. This more than offset the modest transaction growth of 5% and 2% in those segments. Going forward, we expect that FLT's international growth will be augmented by the increased contribution from its recent acquisitions in Brazil, Mexico, and Russia; all of which present relatively nascent opportunities.”
FleetCor Technologies closed on Thursday at $59.55.
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