Oppenheimer Believes WEX (WEX) Won’t Stop Here

Oppenheimer analyst Glenn Greene maintained a Buy rating on WEX (WEX) today and set a price target of $220. The company’s shares opened today at $204.24, close to its 52-week high of $212.13.

Greene wrote:

“WEX reported solid 1Q19 results and raised its CY19 guidance. Organic revenue (ex. macro/acquisitions) increased ~6% $1.72 (vs. our/Street’s $1.69 estimates). Encouragingly, the Shell conversion is now complete (Apr. 1st) and Chevron is ramping on schedule (>50% complete) and should reach full run-rate in 2H19 (~$60-70M of annualized revenue combined). WEX raised its CY19 guide, which now anticipates revenue of $1.705-1.745B and adj. EPS of $9.10-9.50 (+$0.30 vs. prior guide). Growth remains broadbased across segments (including $16M of acquisition benefit during the quarter), and we remain optimistic regarding WEX’s near- and intermediate-term growth levers. Maintain Outperform and raise PT to $220 (from $210).”

According to TipRanks.com, Greene is a top 25 analyst with an average return of 19.9% and a 84.6% success rate. Greene covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and Total System Services.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for WEX with a $211.75 average price target.

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Based on WEX’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $21.26 million. In comparison, last year the company had a net profit of $48.63 million.

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WEX, Inc. engages in the provision of payment processing and information management solutions. It operates through the following segments: Fleet Solutions; Travel and Corporate Solutions; and Health and Employee Benefit Solutions.

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