Wex price target raised to $190 from $170 at Truist

Truist analyst Andrew Jeffrey raised the firm’s price target on Wex (WEX) to $190 from $170 and keeps a Hold 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 Wex is among the "most viable targets" to be acquired, though he prefers Fleetcor (FLT) as its asset portfolio is superior but the stock trades at a comparable valuation.