As previously reported, BofA analyst Nathaniel Richam-Odoi initiated coverage of Navient with a Neutral rating and $17 price target. Navient retains a legacy portfolio of federal student loans and is a relatively newer entrant in private student lending, where it offers both in-school loans and refinancing, notes the analyst. Fundamentals have been pressured given its large amortizing holdings and while the firm thinks the company is taking necessary steps to turn the corner, it also believes the new strategy comes with execution risk, as reflected in the stock price.
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