Analysts Boost Ratings, Price Targets on Wex Inc.

Several research analysts have increased their ratings or price targets for fleet fuel card and payment provider Wex Inc. in recent months, reports the Rockland Register.

Barclays was the most recent firm to weight in by giving an "overweight" rating in a May 6 report. The company also raised its price target to $238 from $222. Morgan Stanley raised its target price for the shares to $197 from $190 and gave the company an "equal weight" rating on March 22.

Two firms gave ratings on March 21. William Blair restated its "outperform" rating, while Mizuho gave the company a "buy" rating and raised its target price to $200 from $190. On Jan. 17, BTIG Research set a "buy" rating and a $198 price target in their first coverage of the company.

Five investment analysts have set a hold rating, while 10 others have assigned a buy rating with a consensus price target of $203.67, according to the report.

Wex reported its first-quarter earnings on May 2. Revenue increased 8% to $381.9 million from a year earlier. Quarterly net income declined by $35.8 million from a year earlier to $16.1 million or 37 cents per share.

Wex shares closed down $8.66 to $197.81 in Monday trading. For the year, Wex shares have increased almost 41.23%.