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FleetCor upgraded at J.P. Morgan on potential earnings revisions

Jul. 12, 2016 11:57 AM ETCorpay, Inc. (CPAY) StockCPAYBy: Carl Surran, SA News Editor
  • FleetCor Technologies (FLT +3.4%) is upgraded to Overweight from Neutral with a $159 price target at J.P. Morgan, which says the company has potential to raise EPS estimates this earnings season amid strong Q1 bookings.
  • Recent underperformance sets up the stock ahead of Q2 earnings, as "FLT is one of the few names where we see positive EPS revision potential this earnings season," the firm says, citing higher fuel prices and appreciation of the Brazilian real, which should more than offset incremental headwinds for the British pound.
  • JPM also thinks FLT management will stay bullish on the pending STP acquisition, which the firm says is not reflected in consensus estimates but should be accretive in H2.

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