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Research Alert: CFRA Keeps Buy Rating On Shares Of Fleetcor Technologies

05/07/2021 13:43

05:40 PM EDT, 05/07/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $322 (from $292), 21.9x our '22 EPS estimate, is aligned with peers. We keep our '21 EPS estimate of $12.68 and lift '22's to $14.72 from $14.45. FLT prints Q1 adj-EPS of $2.82 vs. $3.00, topping consensus by $0.09, aided by lower interest expense and shares outstanding ($0.15 boost). Revenues came in at $609M, edging out consensus by $1M -- organic growth improved 2-points sequentially (still down 6% Y/Y) as every category sans Tolls saw improvement. We think the recovery in fundamentals is playing out as expected, despite the resurgence of Covid-19 in Brazil, and demonstrates the cushion built into 2021 midpoints for revenue and adj-EPS growth of 11% and 12%, respectively. Notably, FLT also disclosed it overdelivered on first-quarter new sales, which came in at 107% of 2019 levels, and should provide ample velocity to achieve its current targets, but also restore its long-term financial framework of high-single-digit (or higher) organic growth and mid-teens (or higher) EPS growth.