LendingClub price target lowered to $13 from $15 at Piper Sandler

Piper Sandler lowered the firm’s price target on LendingClub (LC) to $13 from $15 and keeps an Overweight rating on the shares. The firm notes operating results for Q1 were in-line with the Street, but came in above its estimate driven by net interest income and lower expenses. In addition, LendingClub beat its Q1 guidance for both originations and PPNR. However, the company is guiding to Q2 PPNR of $70M to $80M and originations of $2.1B to $2.3B, which implies downside to estimates. Piper expects the stock to trade lower on Wednesday given the likely lower estimates and credit uncertainty given the environment.