Dave initiated with a Buy at Lake Street

Lake Street analyst Jacob Stephan initiated coverage of Dave with a Buy rating and $53 price target. Dave’s short-term ExtraCash advances and mobile banking platform are growing share in the underserved and underbanked segments of the market, notes the analyst, who thinks shares have been “lumped in with the class of 2021-2022 SPACs and have largely been overlooked by institutional investors.” Recent “noise” related to a CFPB rule proposal, short reports, and a data breach at its bank charter partner “creates a compelling entry point for investors,” the analyst contends.