As previously reported, Craig-Hallum upgraded Green Dot (GDOT) to Buy from Hold with a $14 price target following its engagement with Citi (C) to explore strategic options. The firm believes that this move is a clear catalyst relative to unlocking what it sees as a set of valuable brands and partnerships. Craig-Hallum expects inbound interest from a variety parties and believes that outcomes could prove very attractive to shareholders given what good underlying assets that in total are currently trading at just 2-turns EBITDA. The firm thinks this move is board driven and monetization focused.
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