Keefe Bruyette analyst Michael Perito lowered the firm’s price target on LendingClub to $9 from $10 and keeps a Market Perform rating on the shares. The analyst says the company announced several items post-close that could lead to modest outperformance Friday given the recent share weakness. Management expects positive earnings in Q3, with the $4M-$5M updated guide for net income modestly above consensus inclusive of severance costs, the analyst tells investors in a research note. The firm says LendingClub continues to “navigate the difficult environment.”
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