Wex price target raised to $240 from $225 at Barclays

Barclays analyst Ramsey El-Assal raised the firm’s price target on Wex to $240 from $225 and keeps an Overweight rating on the shares. The analyst remains positive on the Americas payments, processors and IT services sector heading into 2024. Investor sentiment “has become largely unmoored from fundamentals” and business models in the sector “have remained quite intact,” the analyst tells investors in a research note. Against this backdrop the firm sees “some compelling opportunities emerging” into the Q4 earnings season.