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Fly News Breaks for October 4, 2017
PRAA
Oct 4, 2017 | 08:25 EDT
As previously reported, Janney Capital analyst John Rowan downgraded PRA Group to Sell from Neutral, saying the company is buying receivables at the lowest initial purchase price multiples he has "seen in a decade," which may equate to a lower IRR and thus a lower yield on net finance receivables. The analyst, who cut his 2018 EPS estimate to $1.14 from $2.10, lowered his fair value estimate on PRA Group shares to $22 from $27.
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