Open Lending downgraded to Hold from Buy at Canaccord

Canaccord downgraded Open Lending to Hold from Buy with a price target of $5.50, down from $20. While the firm says is still “firmly believes” in Open Lending’s unique value proposition and long-term runway for highly profitable growth in the auto lending industry, macro conditions “just seem to incrementally worsen every quarter” and the firm believes the stock could face incremental pressure as industry conditions are “biased more down than up,” at least for the next couple of quarters.