Fleetcor upgraded to Outperform from Neutral at Baird

Baird upgraded Fleetcor Technologies to Outperform from Neutral with a price target of $330, up from $325. The analyst says investor sentiment has been improving toward established and profitable fintechs, while Fleetcor’s fundamentals seem poised to improve, with a valuation “that has plenty of room to ramp.” Fleetcor is a 10% organic growth company, with expanding total addressable markets and good secular growth, the analyst tells investors in a research note. The firm does not think it would take much for the stock to rally, “given fundamentals can improve.”