Morgan Stanley Sees Significant Upside Potential for FleetCor Technologies

In a report published Thursday, Morgan Stanley analyst Smittipon Srethapramote reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “FLT delivers another solid quarter, and strong $2.84 rev/txn highlights metrics trending in right direction. We raise our base case to $106 from $103 and remain EW on valuation, but note that significant upside exists if planned $500mn M&A run rate is achieved.” FleetCor Technologies closed on Wednesday at $107.80.