Pagaya assumed with a Buy at Benchmark

Benchmark analyst Mark Palmer assumed coverage of Pagaya with a Buy rating and $21 price target. While some investors “zeroed in on a single negative data point” in Pagaya’s recent earnings report – namely the roughly $58M in losses it incurred during the quarter due to the marking of older-vintage loans to fair value – they appear to have overlooked the company’s “significant progress on multiple fronts,” contends the analyst, who believes the pullback in share price following the release of Q2 earnings “has created an attractive entry point for investors, especially given the strong business momentum.”