OneMain price target lowered to $57 from $61 at Stephens

Stephens lowered the firm’s price target on OneMain to $57 from $61 and keeps an Overweight rating on the shares. The firm, which wasn’t surprised to see 2024 loss guidance miss consensus, notes that Q4 data doesn’t yet indicate peak delinquencies. This implies that losses won’t peak mid-2024, absent the front/back-book mix-shift, added the analyst, who keeps an Overweight rating on the shares but acknowledges that “OneMain is difficult to own until peak-delinquency trends become apparent.”