On Monday, WEX Inc. (NYSE:WEX), a leading financial technology service provider, saw its price target increased by Baird from $272.00 to $285.00. The firm maintained an Outperform rating on the stock, indicating a positive outlook for its performance.
The revision of the price target comes with expectations that WEX will slightly surpass its first-quarter revenue and earnings per share (EPS), bolstered by improved fuel prices that carry high incremental margins.
"We like the stock a lot as we expect estimates to rise," said the analyst.
WEX has been recognized for its consistent core organic growth, which has been in the high-single-digit to low-double-digit range. Baird anticipates this growth will continue and even reaccelerate, specifically in the Mobility organic constant currency and fuel growth sectors throughout the remainder of 2024.
The firm finds WEX's prospects particularly appealing due to the underlying EPS growth of approximately 15% excluding fuel and foreign exchange impacts.
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