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Open Lending price target lowered to $12 from $18 at DA Davidson
The Fly

Open Lending price target lowered to $12 from $18 at DA Davidson

DA Davidson analyst Peter Heckmann lowered the firm’s price target on Open Lending to $12 from $18 and keeps a Buy rating on the shares. The analyst cites the company’s Q4 miss on revenue and EBITDA, though the results included a one-time reduction in the estimate of future insurance profit sharing fees. The firm further notes that against a difficult backdrop for new and used auto sales, higher rates, and falling pricing for used cars, Open Lending management deferred providing financial guidance for 2023. DA Davidson maintains however that Open Lending offers a unique solution and a rather small share of a large market, which makes it well positioned for "attractive growth over time".

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