FleetCor price target raised to $305 from $295 at Truist

Truist raised the firm’s price target on FleetCor to $305 from $295 and keeps a Buy rating on the shares as part of a broader research note on Fintech Payment Processing names. Legacy Processors have outperformed high-growth peers, and while some meat reversion was justified, it also creates an “asymmetric” positive long-term risk-reward that sets up Block (SQ) and PayPal (PYPL) for “relative outperformance”, the analyst tells investors in a research note. Truist adds that its also views FleetCor’s business remaining on solid footing as the company sees stabilizing small fleet credit, better large fleet card attach, and benefits from the duopoly nature of its markets.