FleetCor upgraded to Buy at BofA as risks get addressed ‘head on’

As previously reported, BofA analyst Mihir Bhatia upgraded FleetCor to Buy from Neutral with a price target of $240, up from $208. The firm expects a "mostly in-line" Q4 report from FleetCor, but also said it expects the company to announce additional progress in addressing idiosyncratic headwinds "head on," such as the FTC case and divestiture of the Russia business. Meanwhile, foreign exchange has become less of a headwind and the firm’s trucking demand indicator points to a near-term bottom in freight demand, the firm said.