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Fly News Breaks for July 25, 2019
Jul 25, 2019 | 12:57 EDT
As previously reported, Janney Montgomery Scott analyst John Rowan downgraded World Acceptance to Sell from Neutral and lowered his fair value estimate on the stock to $87 from $108 after the company reported a significant earnings miss. World Acceptance's net charge-off rate jumped to 16.3%, from 15.5% last year, and the company is guiding to a continuing deterioration in credit quality, said Rowan, who now views the stock as "significantly overvalued" given not only the company's credit issues but also the "surging" operating expenses.
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