Cantor Fitzgerald opened coverage of Corpay (NYSE: CPAY) on Tuesday, assigning an Overweight rating and setting a price target of $385. The firm noted that the stock, which trades around $324 and carries a price-to-earnings ratio near 22, sits slightly below InvestingPro's Fair Value estimate and therefore may offer upside from current levels.
The research note emphasized Corpay’s fleet business as a key competitive advantage, describing it as supported by a "deep, duopolistic competitive moat." Cantor Fitzgerald also highlighted Corpay’s leading market positions in cross-border payments and foreign exchange as well as in Brazil tolls.
Addressing potential headwinds, the firm characterized investor concerns about stablecoin-driven disruption and tariff effects on cross-border operations as "overblown." Cantor Fitzgerald expects the company to deliver stronger results than these fears imply and sees upside to prevailing valuation metrics.
On the operational front, analysts at Cantor Fitzgerald expect Corpay’s North American Fleet business to present "a much cleaner set-up vs. prior years." The firm projects that this improvement, when combined with steady performance in International Fleet and Brazil, should support high-single-digit to low-double-digit organic growth in the Vehicle Payments segment.
The $385 price target is derived from a valuation framework that applies a multiple of 13 times Cantor Fitzgerald’s fiscal year 2027 EPS estimate of $28.89, supplemented by a discounted cash flow analysis.
Key downside scenarios identified by the firm include underperformance in Lodging Payments, volatility in fuel prices and other macroeconomic factors, customer attrition, and legal, regulatory or policy developments that could affect the business.
These analyst remarks come amid Corpay’s recent operational and financial updates. In third-quarter 2025 results, the company reported adjusted earnings per share of $5.70, slightly above the consensus estimate of $5.63, and revenue of $1.172 billion versus a forecast of $1.16 billion. Cantor Fitzgerald’s initiation follows a period of positive momentum for the company in the corporate payments space.
Corpay has also broadened its lodging product set by expanding its global hotel network access to U.S.-based companies. That expansion is part of a newly launched platform intended to give businesses additional options and greater control over their workforce travel and lodging programs.
Market participants and other brokers have taken note of Corpay’s trajectory. Morgan Stanley upgraded the stock to Overweight, citing an outlook that could support sustained mid-teens earnings per share growth. UBS adjusted its price target to $315 while maintaining a Neutral rating and pointing to the company’s consistent revenue growth outlook.
On the corporate governance front, Corpay added David Bunch, a former Shell executive, to its Board of Directors. The appointment brings additional operational leadership experience to the company’s boardroom.
Overall, Cantor Fitzgerald’s debut coverage frames Corpay as a payments company with a defensible fleet franchise and growth levers across vehicle payments, cross-border FX and lodging services. The firm’s $385 target and Overweight rating reflect confidence in those drivers while acknowledging a set of identifiable risks that could pressure results.