Enova International initiated with a Market Perform at TD Cowen

TD Cowen initiated coverage of Enova International with a Market Perform rating and $45 price target. The company is solidly profitable, has a respected management team, and is one of the most successful nonprime finance companies over the past decade, while its strong top line has allowed for positive operating leverage, the analyst tells investors in a research note. The firm adds however that Enova’s valuation is at the high end of non-prime peers and its credit metrics are likely to show the effects of seasoning in late 2023.