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Fly News Breaks for August 16, 2019
MOGO
Aug 16, 2019 | 06:30 EDT
BMO Capital analyst Nik Priebe downgraded Mogo Finance to Market Perform and lowered his price target to $3.50 from $7 after its "disappointing" Q2 results, citing the company's slowing revenue growth and deteriorating credit quality. The analyst notes that while giving third-party lenders the ability to originate loans through the Mogo platform may be a way to scale the credit business without the capital requirements, the earnings contribution from this may not be enough to stabilize earnings that are currently trending at losses of $20M per year.
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