Oppenheimer analyst Glenn Greene reiterated a Buy rating on WEX (WEX) yesterday and set a price target of $205. The company’s shares closed yesterday at $157.73.
Greene wrote:
“We attended WEX’s investor day in New York and came away increasingly optimistic regarding its LT outlook and strategic direction. Each of WEX’s three segments maintain robust growth opportunities (with growth broadly exceeding underlying market trends) and remain under-penetrated in their respective markets. Encouragingly, WEX reiterated its LT growth expectations, including 10-15% revenue growth (8-12% organic) and 15-20% adjusted net income growth, which implies ongoing margin expansion and M&A benefit. Shares remain attractive, in our view, at ~14.3x our CY20E EPS, considering LT growth expectations and management’s strong track record of execution. Reiterate Outperform, $205 price target.”
According to TipRanks.com, Greene is a top 25 analyst with an average return of 18.6% and a 75.4% 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 Moderate Buy analyst consensus rating for WEX with a $202.50 average price target, implying a 28.4% upside from current levels. In a report issued on November 1, Wells Fargo also upgraded the stock to Buy with a $200 price target.
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WEX’s market cap is currently $6.8B and has a P/E ratio of 30.42. The company has a Price to Book ratio of 3.70.
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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.
