Enova International price target lowered to $58 from $66 at JMP Securities

JMP Securities analyst David Scharf lowered the firm’s price target on Enova International to $58 from $66 and keeps an Outperform rating on the shares. Enova reported a “notable” EPS miss, led primarily by considerably higher-than-anticipated discretionary marketing expenses to meet loan demand late in the quarter, and the timing of losses within the SMB segment, the analyst tells investors in a research note. Management expressed that the forecasting misses were largely timing related and should not be repeated, and stressed that credit trends are stable to improving for its subprime borrowers, JMP says.