In a report released today, Glenn Greene from Oppenheimer maintained a Buy rating on WEX (NYSE: WEX), with a price target of $176. The company’s shares opened today at $167.12, close to its 52-week high of $170.89.
Greene wrote:
“WEX reported strong upside 1Q18 results and raised its FY18 outlook. Organic revenue (ex-fuel prices) increased 11.5% Y/Y with 47% Y/Y EPS growth to $1.81 (vs. our/Street’s $1.72/$1.73 ests). WEX’s increased FY18 guide now anticipates revenue of $1.435-1.475B and adj. EPS of $7.95 at midpoint, including ~$1.00 of tax benefits. Perhaps 50% of the guide increase reflects recent fuel price increases, with the balance from improved business momentum. Encouragingly, fraud losses remain stable and low. We remain optimistic regarding WEX’s various near- and intermediate- term growth levers. Maintain Outperform rating and $176 PT.”
According to TipRanks.com, Greene is a top 25 analyst with an average return of 21.1% and a 84.0% success rate. Greene covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and Total System Services.
Currently, the analyst consensus on WEX is Strong Buy and the average price target is $177.89, representing a 6.4% upside.
In a report issued on April 26, Citigroup also upgraded the stock to Buy with a $200 price target.
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Based on WEX’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $331 million and quarterly net profit of $79.8 million. In comparison, last year the company earned revenue of $291 million and had a net profit of $29.4 million.
Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock.
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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.
