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Fly News Breaks for June 7, 2019
Jun 7, 2019 | 09:14 EDT
Needham analyst Mayank Tandon kept his Buy rating and $60 price target on Green Dot after the company's 8-K filing provided additional disclosure on its growth investment and financial outlook at the William Blair conference earlier this week. The analyst says the presentation suggests that the company's Banking as a Service, or BAAS, payment volumes can represent "significant long-term growth drivers" for the company, with BAAS products driving about 30% of its purchase volume and growing at a double digit pace per year. Tandon adds that as Green Dot continues to grow its current BaaS partnerships and sign more logos, the contribution from the business will help offset the headwinds in the company's legacy prepaid card offerings.
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