OneMain initiated with a Neutral at BTIG

BTIG initiated coverage of OneMain with a Neutral rating as part of a broader research note launching coverage on Consumer Finance names. After the strong sequential improvement to Q1 delinquencies, the market now appreciates that OneMain’s credit should inflect better by Q3, and the valuation on the stock looks “fairly balanced”, the analyst tells investors in a research note. With consensus now expecting the midpoint of OneMain’s 2024 loss guidance range of 7.7%-8.3%, the shares will move depending on whether losses are above or below 8.0%, the firm added.