Open Lending price target lowered to $20 from $30 at Canaccord

Canaccord analyst Joseph Vafi lowered the firm’s price target on Open Lending to $20 from $30 and keeps a Buy rating on the shares. The analyst said Open Lending continues to gain share, as underscored by the onboarding of the number 2 auto lending credit union in Q3. This type of consistent new logo performance has helped the company gain share and maintain its certification volume against what have been extremely low industry-wide inventory levels and record increases in pricing over the past 18 months.