Corpay (CPAY) is entering 2026 with multiple growth supports, while currently trading at a discount to peer WEX (WEX), Oppenheimer said Friday in a report.

Corporate-payments expansion and improving trends in US vehicle payments are likely to drive potential medium-term growth, with a projected 10% revenue gain and high-teens earnings per share growth in 2026, supported by the accretion from the Alpha acquisition and Corpay's stake in AvidXchange, Oppenheimer said.

Oppenheimer also pointed to potential proceeds from two pending divestitures as another element that could add financial flexibility.

Corpay's valuation represents a discount to WEX despite a better revenue growth profile, but Oppenheimer said the company's shares already reflect weaker fuel prices and softer fleet and corporate spending. Stablecoins are also unlikely to disrupt Corpay in the near term, according to the note.

Oppenheimer upgraded the stock to outperform from perform and assigned a $380 price target.

Shares of the company were up 4.3% in recent Friday trading.

Price: 310.25, Change: +12.86, Percent Change: +4.32