Pagaya initiated with a Buy at Benchmark

Benchmark analyst Michael Legg initiated coverage of Pagaya with a Buy rating and $2 price target. Pagaya is in "the early stages of building a globally scalable, AI-based consumer lending platform" and while rising interest rates and economic uncertainty are near-term headwinds, the company continues to add partners and "produce attractive metrics," the analyst tells investors. Pagaya’s model "should produce significant cash flows" over the longer-term, the analyst added.