Fly News Breaks for October 14, 2019
Oct 14, 2019 | 06:41 EDT
BTIG is transferring the coverage of LendingClub to analyst Giuliano Bologna, who is keeping his Buy rating but lowering his price target on the stock to $23 from $30. The analyst believes that the company is well positioned to outperform in the near-term thanks to its cost savings initiatives, expanding monetization of current loan applications, and continued scale in auto refinance originations, but also recommends a more "incremental" approach in valuing the stock's EBITDA growth rate.
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