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Fly News Breaks for July 26, 2016
SC
Jul 26, 2016 | 05:28 EDT
Barclays analyst Mark DeVries downgraded Santander Consumer USA Holdings to Equal Weight after the company said it will delay its Q2 earnings and potentially restate prior period financial statements. The development "is just another in a series of missteps" that have weighed on the stock over the past couple years, DeVries tells investors in a research note. The analyst expects the stock's multiple to be "heavily discounted for the foreseeable future." He cut his price target for the shares to $10 from $15.
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