WEX Inc (NYSE: WEX) saw its stock price surge 5.62% in pre-market trading on Thursday, following the announcement of a strategic partnership with BP for the Earnify™Fleet Fuel Card Program. This collaboration marks a significant expansion in WEX's fleet card services, potentially opening up new revenue streams for the company.
The partnership with BP, a major player in the global energy sector, is expected to enhance WEX's position in the fleet management solutions market. The Earnify™Fleet Fuel Card Program is likely to offer comprehensive fuel management solutions to businesses, leveraging WEX's expertise in payment processing and BP's extensive network of fuel stations.
While the stock's momentum was primarily driven by the BP partnership news, it's worth noting that analysts remain divided on WEX's outlook. KBW's Sanjay Sakhrani maintained a Buy rating with a price target of $200.00, suggesting significant upside potential. However, Barclays analyst Ramsey El Assal kept a Hold rating with a more conservative price target of $135.00. These mixed analyst views indicate that while the BP partnership is seen as a positive development, there may still be some uncertainty regarding WEX's overall growth prospects.
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