LendingClub initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of LendingClub with an Overweight rating and $11 price target, implying 60% upside. The analyst likes LendingClub’s marketplace-bank model, which it says combines the fee income of a marketplace with interest income of a bank, personal loan market opportunity, and competitive positioning. The firm says the shares are trading at a 30% discount to tangible book.