Fly News Breaks for February 26, 2020
Feb 26, 2020 | 08:16 EDT
Oppenheimer analyst Jed Kelly lowered his price target for LendingTree (TREE) to $350 from $380 following softer Q1 profitability guidance on CC marketing headwinds that implies limited upside to initial 2020 guidance. Management indicated it is solved underperforming display marketing partnerships that caused a $5M-$8M drag to Q4 EBITDA, however, investors will likely need a quarter or two to gain comfort that Consumer margins are stabilizing, he contends. Kelly expects limited near-term impact from Intuit (INTU)/CreditKarma acquisition and successful execution of product integration and marketing into MLT becoming more critical to long-term success. He maintains an Outperform rating on LendingTree's shares.
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