Citi said sentiment toward FleetCor has bottomed over the past two months. Additionally, the firm noted encouraging insider trading activity, with improving new buyer/sell-off ratio and a short interest-to-float ratio that has risen to five-year highs.

Despite seeing risks, Citi believes the second half presents an opportunity for both strong results and multiple expansion.

Citing better-than-expected macroeconomic fundamentals, Citi raised its pre-M&A estimates slightly. Assuming $125 million in revenues from Cambridge, the firm said the full-year revenue outlook for FleetCor could be revised down by $30 million to $40 million.

Accordingly, the firm raised its price target for the shares from $165 to $180, while maintaining the rating at Buy.

At the time of writing, FleetCor shares were rising 0.93 percent to $147.82.