Fly News Breaks for February 4, 2020
Feb 4, 2020 | 14:07 EDT
Shares of Aaron's (AAN) and Rent-A-Center (RCII) are down following articles on the proposed state budget in California that calls for the formation of a new mini-Consumer Financial Protection Bureau, Stifel analyst John Baugh tells investors in a research note. The analyst says he's typically seen regulatory concerns in the past 20 years not materialize into regulatory changes that render the rent-to-own transaction un-economical. "Our suspicion is this could prove similar and we think the stocks could rebound accordingly," writes Baugh. He points out that California Governor Newsom's proposed 2020-2021 budget includes the mini-CFPB proposal which must be approved by the state legislature by June 15, 2020. There could be numerous changes to the proposal between now and them, according to Baugh.
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