LendingTree price target lowered to $17 from $27 at Needham

Needham analyst Mayank Tandon lowered the firm’s price target on LendingTree to $17 from $27 but keeps a Buy rating on the shares. The company’s Q3 results were mixed as revenue came in softer than expected and with all of LendingTree’s verticals being pressured by rising interest rates and inflation, the analyst tells investors in a research note. Needham adds however that while it expects growth to remain muted in the coming quarters, it is encouraged by the expense discipline while noting the stock’s valuation of EV/EBITDA multiple at 6.5-times is creating a “favorable” risk-reward.