Corpay price target raised to $379 from $377 at BofA

BofA raised the firm’s price target on Corpay (CPAY) to $379 from $377 and keeps a Buy rating on the shares. While Q1 revenue was a touch short of expectations, revenue guidance ex-Gringo and the midpoint of EPS was reiterated and the firm views guidance, sales momentum, and M&A transactions positively, the analyst tells investors. Corpay characterized the M&A pipeline as “very active,” notes the firm, which is “encouraged” by Corpay’s “repositioning toward a more corporate payments oriented company,” adds the analyst.