Corpay price target raised to $310 from $302 at RBC Capital

RBC Capital raised the firm’s price target on Corpay to $310 from $302 and keeps a Sector Perform rating on the shares after its Q1 results. Despite continued weakness in the Lodging business, as well as pressure in the North American Fleet business stemming from a shift in focus from SMB clients, Corpay’s Q1 results roughly matched expectations, the analyst tells investors in a research note. The management reduced its FY24 revenue guidance midpoint however due to weakness in the Lodging business and greater FX headwinds, RBC added.