FleetCor price target raised to $240 from $226 at RBC Capital

RBC Capital analyst Daniel Perlin raised the firm’s price target on FleetCor to $240 from $226 but keeps a Sector Perform rating on the shares after its Q4 earnings beat and guidance. The analyst cites the company’s management noting that overall macro environment remains constructive apart from some proactive credit tightening in the U.S. Fuel business for micro clients. The firm also notes that FleetCor’s FY23 guidance assumes 10% organic growth and 300bps of inorganic growth and also continues to include the Russian business and does not forecast a U.S. or global recession.