KeyBanc analyst Bradley Thomas upgraded Conn's to Overweight with a $22 price target following a management last week. Thomas views Conn's as a credit business improvement story and provides insulation from online competition. He expects potential $4.00+ tailwind over the next two to three years through increasing portfolio yields, lowering static loss rates, and lower funding costs. The analyst believes Conn's can gain share from physical retailer store closures and improve retail sales through its switch to Progressive from rent-to-own agreements.