Canaccord starts Pagaya with a Hold, $1.50 price target

As previously reported, Canaccord analyst Joseph Vafi initiated coverage of Pagaya with a Hold rating and $1.50 price target. The Pagaya AI "may be one of the more powerful and holistic next-generation consumer credit algorithms emerging today," said Vafi, who views the Pagaya AI and the network that is emerging around it as "being able to generate disruption." However, he thinks the company has "a bit more mettle proving first," leading him to start shares with a Hold rating.