Green Dot just downgraded at Barclays, here’s why

Barclays downgraded Green Dot to Underweight from Equal Weight with a price target of $7, down from $8. The analyst awaits further clarity on the strategic direction of the company’s business and evolution of its model. Over the past few quarters it has become clear that the investment and time required to move Green Dot away from its legacy model towards a digital strategy is more substantial than thought, the analyst tells investors in a research note.