Pagaya initiated with a Neutral at Citi

Citi initiated coverage of Pagaya with a Neutral rating and $14 price target. The firm is positive on the company’s unique position in the tech-enabled lending space as it aims to solve for overlooked borrowers across the credit spectrum and drive a more efficient origination process for its lending partners, the analyst tells investors in a research note. Pagaya’s recent results have offered stock investors some green shoots for network volume growth, associated profitability, and potential for new forward flow agreements, the firm added.