Shares of FleetCor Technologies Inc. FLT rallied 5.4% in morning trading Tuesday, adding to the 6.4% leap in the previous session, after Raymond James upgraded the business-payments company. Analyst John Davis raised his rating to outperform from market perform, saying he believes that fact that activist investor D.E.
4% in morning trading Tuesday, adding to the 6.4% leap in the previous session, after Raymond James upgraded the business-payments company. Analyst John Davis raised his rating to outperform from market perform, saying he believes that fact that activist investor D.E. Shaw’s involvement and strategic review of its business “skews the risk/reward favorably,” as his analysis suggests separating the company’s corporate payments business would create “significant shareholder value.