UPDATE: J.P. Morgan Color On WXS 4Q10

Wright Express Corporation WXS reported strong 4Q10 results of $0.74, versus JPM/Street at $0.68/$0.72 and prior guidance of $0.68 - $0.74, showing positive volume trends across all major categories, J.P. Morgan reports. “WXS set an initial FY11 EPS guidance range of $3.17 - $3.37, versus existing JPM/Street estimates of $3.15/$3.21. We are raising our estimates and our Dec '11 price target to $55 (from $49), but remain Neutral until we get further clarity on new sources of upside,” J.P. Morgan writes. “We are raising estimates for improved underlying business trends and revenue upside from Wright Express Australia. Our FY11 estimates go to $3.37 (from $3.15), representing 23% growth. Our FY12 and FY13 estimates go to $3.70 and $3.97 (from $3.36 and $3.65), respectively. Our estimates call for 13% compounded EPS growth through 2013.” Wright Express closed Thursday at $52.23.