OneMain price target raised to $57 from $53 at JMP Securities

JMP Securities raised the firm’s price target on OneMain to $57 from $53 and keeps an Outperform rating on the shares. OneMain provided guidance for 2024 that included a higher loss rate than expected and a very conservative loan growth outlook, the analyst tells investors in a research note. While the company was firm in dispelling any suggestion that it has tightened credit further and/or become more cautious about the macro outlook, JMP came away with a sense that OneMain does not see any “light at the end of the tunnel” in the coming quarters to suggest near-term upside to its volume forecast.