Wex price target lowered to $185 from $215 at Truist

Truist analyst Andrew Jeffrey lowered the firm’s price target on Wex to $185 from $215 and keeps a Hold rating on the shares as part of a broader research note on FinTech and Info Services. The failures of three regional banks ranges from muted to material, and while the concern about tech demand in the industry and the macro knock-on risk is reasonable, some names have overreacted, the analyst tells investors in a research note. The firm adds that it is "warming up" to Wex based on the recent pullback in the stock price, even though it sees the risk/reward as balanced given the recent outperformance and relative valuation premiums.