FleetCor Plunges as Investors Heed Citron's Short Call: Chart
(Bloomberg) -- 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 from Joshua Fineman
To contact the reporter on this story: Sebastian Silva in New York at ssilva43@bloomberg.net.
To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Richard Richtmyer, Sophie Caronello
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