Wex price target raised to $222 from $200 at Baird

Baird analyst David Koning raised the firm’s price target on Wex to $222 from $200 and keeps an Outperform rating on the shares. The analyst said its Q4 results were well above consensus, 2023 revenue guidance is nicely above consensus, and we like the stock as the beat/raise pattern could continue behind what appears to be solid market share gains.