Raymond James downgraded Open Lending to Outperform from Strong Buy with a price target of $9, down from $10. Disappointing Q4 results featured significant downside to both revenue/EBITDA relative to the Street and Q1 guidance will send estimates sharply lower, the analyst tells investors in a research note. The firm remains positive on the stock given the longer-term fundamentals remain very attractive and does not get the sense that anything is structurally "wrong," it adds.
Published first on TheFly
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Read More on LPRO:
- Open Lending price target lowered to $8 from $10 at Deutsche Bank
- Open Lending sees Q1 revenue $30M-$34M, consensus $38.0M
- Open Lending reports Q4 EPS (3c), consensus 10c
- Open Lending Reports Fourth Quarter and Fiscal Year 2022 Financial Results
- Open Lending price target lowered to $20 from $30 at Canaccord
