Oppenheimer analyst Glenn Greene maintained a Buy rating on WEX (WEX) yesterday and set a price target of $210. The company’s shares closed yesterday at $184.81.
Greene commented:
“WEX reported strong 4Q18 results and directionally affirmed its previously communicated CY19 guidance. Organic revenue (ex. macro/ASC 606) increased ~9% EPS growth to $2.11. Encouragingly, both Shell and Chevron are beginning to ramp now and should reach full run-rate in 2H19 (we estimate ~ $65M of annualized revenue). Additionally, the recently closed Discovery Benefits acquisition should prove nicely growth accretive to the Health Solutions segment. WEX’s CY19 guide anticipates revenue of $1.68-1.72B and adj. EPS of $8.80-9.20 (unchanged). Growth remains broadbased across segments (notwithstanding Brazil Healthcare-related headwinds), and we remain optimistic regarding WEX’s near- and intermediate-term growth levers, particularly into CY19. Maintain Outperform, $210 price target.”
According to TipRanks.com, Greene is a top 25 analyst with an average return of 18.7% and a 83.1% 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 $189.60 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 $23.04 million. In comparison, last year the company had a net profit of $79.8 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.
