Fly News Breaks for April 5, 2018
BOFI
Apr 5, 2018 | 06:43 EDT
DA Davidson analyst Gary Tenner raised his price target on BofI Holding to $48 and kept his Buy rating after the company's acquisition of Bankruptcy Trustee and Fiduciary Services business from Epiq. Tenner believes that the assets provide Bofi with a software platform that can address the needs of Chapter 7 and non-7 trustees nationwide while also bringing "significant" low-cost deposits of up to $1B. The analyst notes that while the acquisition is only "modestly" accretive in the short run, it gives Bofi a source of potential funding as well as an opportunity to expand into other niches.
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