UPDATE: Citigroup Upgrades FleetCor Technologies to Buy on Execution and Outlook

Citigroup increased its rating on FleetCor Technologies

from Neutral to Buy and raised its price target from $49 to $56. Citigroup noted, "We are upgrading FLT to Buy (from Neutral) and raising our price target to $56 (from $49) following its strong 3Q12 earnings report. The results were highlighted by strong organic growth in North America, contributions from recent Int'l M&A and surprisingly strong margins despite headwinds from that M&A. We believe FLT is poised to continue these trends, with notable potential upside to expectations based on accretion extraction from the recent deals, ongoing efforts to find additional M&A and potential share repurchases – the latter two are helped by FLT's newly expanded credit facility (~$1 bil in capacity)." FleetCor Technologies closed at $46.14 on Thursday.