Fly News Breaks for August 8, 2019
Aug 8, 2019 | 09:15 EDT
Craig-Hallum analyst Bradley Berning lowered his price target for Green Dot to $50 from $100 as neobank products are having a greater than expected impact on the company's core prepaid business. The analyst continues to take a bullish stance on this story given the company potentially has some of the largest banking distribution partners that he believes will help it win with the repositioned products and BaaS partnerships. In the near-term, nonetheless, Berning believes core fundamentals will get worse in Q3 before they get better and the market will assume worse for longer. He reiterates a Buy rating on the shares.
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