1996 Volvo 850 won't start when cold

1996 Volvo 850 with over 200,000 miles intermittently won’t start first thing in the morning when temperatures are cold( live in California so usually the lowest it gets is in the 40’s). Engine cranks, fires, but stalls out. Later in the morning when it is warmer it fires right up. Have taken it to the mechanic twice and they can’t find anything wrong with it…battery, starter, ignition, fuel pump and fuel system are all good. Any ideas on what is wrong?