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Fly News Breaks for May 11, 2015
CONN
May 11, 2015 | 07:18 EDT
Piper Jaffray raised its price target for Conn's to $45 saying it sees a "strong chance" the company will be able to sell its loan portfolio for an estimated $1.2B. Piper believes Conn's is also interested in also setting up a "forward flow" arrangement to sell off all receivables immediately after underwriting. The firm thinks such moves would drive "significant" earnings and EBITDA multiple expansion. It reiterates an Overweight rating on the stock.
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