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Fly News Breaks for October 11, 2019
GDOT
Oct 11, 2019 | 08:57 EDT
Northland analyst Mike Grondahl upgraded Green Dot (GDOT) to Outperform from Market Perform with an unchanged $35 price target. The company has had a "horrible 2019," with legacy active accounts decreasing due to competition, uncertainty about its new products, a Walmart (WMT) renewal overhang and two guidance cuts, acknowledged Grondahl. However the stock is now "priced for run-off" and is trading at a little over 4 times adjusted EBITDA, compared to 13-14 times "when the stock was working," the analyst tells investors.
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