FLT’s most recent trading update was in line with management expectations, and their FY24 guidance remained unchanged; however, the stock has outperformed the market since, aided by Macquarie lifting its Price Target (PT) this month to $26.80. There’s nothing wrong with FLT; it just doesn’t excite us as much as some of its peers.
- We haven’t been fans of FLT over recent years, and its sideways price action has supported this view; at this stage, we see no reason to change our stance.
MM is neutral towards FLT ~$22
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