Corpay Inc's Strong Performance and Optimistic Future Outlook Justify Buy Rating Despite Market ChallengesWe are reiterating a Buy rating but lowering our PO to $342 ($380 prior) based on a 14x PE multiple to our 26x EPS forecast (16x prior), reflecting our view that the overhang likely persists for the next few quarters. A peek at 2026: double-digit org growth still possible CPAY now expects FY25 Revs/Adj. EPS of $4,515M/$21.24 at the mid-point, up from $4,445M/$21.06 prior and above the Street at $4,464M/$21.08. The revenue increase is driven in-part by the Alpha acquisition (~$55M) and 3Q upside ($5M) as well as, better macro/FX. Management gave a nice 2026 preview and expects 9-11% y/y organic rev growth. Another year of double-digit organic growth could be a catalyst for the stock. For 4Q, CPAY expects Revs / Adj. EPS at $1,225M-$1,245M and $5.80-$6.00, which is nicely above consensus at $1,191M/$5.80. See inside for more on 3Q and variance / guidance tables.