FleetCor initiated with a Buy at Deutsche Bank

Deutsche Bank analyst Nate Svensson initiated coverage of FleetCor Technologies with a Buy rating and $310 price target. The company has delivered “impressive” organic growth over the past eight quarters and despite a “muted” fiscal 2023 outlook driven by rising interest rates and the coming disposition of the company’s Russian operations, the stock’s outperformance year-to-date is “well deserved,” the analyst tells investors in a research note. The firm likes FleetCor’s efforts to simplify its operating model, which it believes will help the company gain traction with generalist investors.