FleetCor Plunges as Investors Heed Citron's Short CallBy
FleetCor Technologies Inc. has slumped to a 15-month low in two days after the fuel-payment services provider said customers have complained about the fee and pricing practices that short-seller Citron Research focused on in a report last month. Some analysts are calling the decline an overreaction, and say a lawsuit regarding Chevron Corp. that Citron highlighted on Twitter Wednesday is unrelated to the bearish thesis. Compass Point upgraded the shares to buy as they tumbled as much as 12 percent, advising investors to “tune out the noise” and focus on the company’s “intact” fundamental profile.
— With assistance by Joshua Fineman
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.