Corpay price target lowered to $414 from $417 at Raymond James

Raymond James lowered the firm’s price target on Corpay (CPAY) to $414 from $417 and keeps an Outperform rating on the shares. Corpay reported largely in-line Q1 results and April commentary was “encouraging,” as management noted they are tracking well above budget within Corporate Payments, the analyst tells investors in a research note. The firm expects estimates to be generally unchanged, and says the solid April commentary alongside several key deals and partnerships is encouraging.