Citi analyst Arren Cyganovich opened a “30-day negative catalyst watch” on shares of Navient while keeping a Neutral rating on the name with a $17 price target. The analyst sees risk to the company’s 2024 outlook for Federal Family Education Loan program loans as the Federal Reserve begins to lower short-term interest rates and due to maturing of floor income hedges. The shares will react negatively when the company provides its 2024 outlook on the Q4 earnings call in the coming weeks, the analyst tells investors in a research note.
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