Green Dot price target lowered to $17 from $24 at Truist

Truist lowered the firm’s price target on Green Dot to $17 from $24 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 earnings in FinTech. Many of the firm’s covered names are slumping, and while broadly constructive, Q3 results may not be catalysts for some of its “favorite laggard ideas”, the analyst tells investors in a research note. Truist also believes that the challenges, including competition, commoditization, price pressure, and investments needed to move up-market and into more complex SMBs will not quickly abate. The firm adds however that Green Dot is a “compelling value”, even if a catalyst in the form of tech platform consolidation and better EBITDA has been pushed into 2024.