UPDATE: Citigroup Upgrades WEX on Growing Confidence in Accelerated Growth Profile
In a report published Thursday, Citigroup analyst Philip Stiller upgraded the rating on WEX (NYSE: WEX) from Neutral to Buy, and raised the price target from $97.00 to $109.00.
In the report, Citigroup noted, “After a recent series of meetings with WEX's CFO (Steve Elder) in Boston, our confidence in the company's ability to hit its new 15-20% EPS growth goals has increased and we are raising our forecasts and upgrading the stock to Buy (from Neutral). We believe WEX will accelerate its growth through a combination of higher organic growth, a much improved margin trajectory and accretion from future M&A. Our higher growth expectations increase our forecasts ahead of guidance / consensus and support at least the current in-line valuation multiple vs. the broader payments group. We look for WEX to execute well on its organic and M&A growth plans in the coming years and are raising our price target to $109, suggesting ~17% upside potential. Buy WEX.”
WEX closed on Wednesday at $93.40.
Latest Ratings for WEX
|Mar 2015||Oppenheimer||Initiates Coverage on||Outperform|
|Feb 2015||JP Morgan||Maintains||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.