Piper Sandler analyst Brad Capuzzi initiated coverage of LendingClub with an Overweight rating and $8 price target. The company is well positioned to see earnings growth as net interest margin inflects higher in 2024 due lower funding costs, significant cost reductions, and net charge-offs moderating in the back half of 2024, the analyst tells investors in a research note. The firm believes believe LendingClub has the opportunity to lower funding costs given the deposits are fully funding loans held for investment.
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