Morgan Stanley maintained an Equal-Weight rating for Corpay, Inc. (NYSE:CPAY) and increased its price target from $275 to $325.
Corpay’s preliminary financial results for Q3 2024 show anticipated revenue of approximately $1.029 billion with earnings per diluted share projected to be $3.90.
Despite a positive financial outlook, CPAY’s stock price experienced a slight decrease, settling at $338.92.
Corpay, Inc. (NYSE: CPAY), a leading corporate payments company, continues to demonstrate its financial strength and stability in the market. On October 29, 2024, Morgan Stanley reaffirmed its confidence in Corpay by maintaining its Equal-Weight rating and raising its price target from $275 to $325, as reported by TheFly.
The company’s preliminary financial results for the third quarter of 2024 have been promising, with anticipated revenue reaching approximately $1.029 billion. This stable performance is further underscored by flat same-store sales compared to the previous quarter and segment results that have met expectations. Moreover, Corpay is expected to report earnings per diluted share of $3.90.
Despite these positive indicators, CPAY’s stock price saw a minor decline of 0.53%, or $1.80, closing at $338.92. The stock’s trading range on the day of the announcement was between $334.42 and $353.19. Over the past year, CPAY’s stock has experienced fluctuations, with a peak at $355.47 and a trough at $220.39.
With a market capitalization of approximately $23.53 billion, Corpay solidifies its significant presence in the corporate payments sector. The trading volume for CPAY, standing at 1,192,142 shares, reflects active investor interest and supports the stable outlook for the company in the near term as suggested by Morgan Stanley’s revised price target.