LendingClub initiated with a Buy at Jefferies

Jefferies analyst John Hecht initiated coverage of LendingClub with a Buy rating and $13.50 price target. LendingClub is an early mover in the fintech space with a “deep” operating history, bank charter, and a tech-enabled lending platform, the analyst tells investors in a research note. The firm believes the company’s return on equity will likely bottom in mid 2023 and provide several catalysts that should lead to a higher stock valuation.