** Baird upgrades business payments firm Fleetcor Technologies to "outperform" from "neutral"; raises PT to $330 from $325, a 17.2% upside to the last close
** Brokerage says investor sentiment towards profitable fintechs has been improving
** Adds there is room to win small and medium-sized business SMB fleets, growth in B2B payments, Brazil tolling expansion and lodging network all likely growing 5% to 20% YoY
** Micro-SMB sales efforts are likely ramping as bad debt expense has come down through 2023, which may be a leading indicator to revenue reacceleration - brokerage
** FLT's valuation has plenty of room to ramp - Baird
** Fourteen of 19 brokerages rate the stock "buy" or higher and five "hold"; their median PT is $325 - LSEG data
** Stock rose 53.9% in 2023
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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