Corpay price target raised to $375 from $344 at BofA

BofA raised the firm’s price target on Corpay (CPAY) to $375 from $344 and keeps a Buy rating on the shares. The firm thinks expectations of a soft-landing and lower interest rates are driving stock appreciation for both Corpay and Wex (WEX), noting that shares have risen 29% and 22%, respectively, since the end of Q2. Freight volumes have showed volume increases month-over-month and year-over-year from May to August, which the firm calls “somewhat encouraging,” although it adds that the outlook “remains somewhat mixed” and says it expects the Corporate Payments segments to “remain very much in-focus” for both.