FleetCor price target raised to $245 from $225 at Truist

Truist analyst Andrew Jeffrey raised the firm’s price target on FleetCor to $245 from $225 and keeps a Buy rating on the shares as part of a broader research note on FinTech names. The analyst believes that investors should focus on relative 2022 FinTech outperformers but also contends that "a catalyst is needed" for relative 2023 outperformance and sees M&A as the most likely valuation driver. Jeffrey adds that FleetCor is poised for a rebound however as investors appreciate the stock’s steady free cash flow and below-average cyclicality.