Mizuho Reiterates Neutral Rating on Corpay (CPAY)

Mizuho analyst Dan Dolev reiterated a Neutral rating and $265.00 price target on Corpay (NYSE: CPAY).

The analyst commented: "CPAY pre-released 3Q results at ~9:15am, making it difficult to fully digest results. Quick positives include: (1) 3Q revenue above the mid-point should offer a sigh of relief given disappointing WEX results last week. (2) Expressing confidence in 4Q being "higher today than in August," is a clear positive.

However, other areas require further investigation including: (1) Management flagging "low double-digit organic revenue growth," which compares with comments from the 2Q call of "double-digit print and organic revenue growth." (2) TBD revenue mix in 3Q, which won't be available until November 7. (3) Moving the goalposts & modifying CEO's 2021 comp package, adjusting parts of it from 10 consecutive days at $350 stock price to 3 days at $350. Reiterate Neutral."

For an analyst ratings summary and ratings history on Corpay click here. For more ratings news on Corpay click here.

Shares of Corpay closed at $338.92 yesterday.

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