Nelnet initiated with a Market Perform at TD Cowen

TD Cowen initiated coverage of Nelnet with a Market Perform rating and $95 price target. The company has secured the government servicing contract, and has had strong growth in its educational technology segment, but while it has started to see revenue gains in government servicing and the payments business, its asset generation businesses have been growth challenged in the current rate environment, the analyst tells investors in a research note.