Open Lending initiated with a Neutral at BTIG

BTIG analyst Lance Jessurun initiated coverage of Open Lending with a Neutral rating. The company’s model provides upside to borrowers in the form of lower rates, lower capital requirements for lending partners, and good risk-adjusted returns for insurance partners, the analyst tells investors in a research note. The firm adds however that while it is encouraged by the growth prospects ahead, especially in the OEM / captive finance market, the recent management changes and choppy waters in the auto market are keep its rating at neutral.