Pagaya initiated with bullish view at Jefferies, here’s why

Jefferies initiated coverage of Pagaya Technologies with a Buy rating and $2.50 price target. Pagaya is a fintech leader in the business-to-business-to-consumer space in addition to being the largest and most frequent issuer of personal loan asset-backed securitization and a top 10 auto subprime issuer through its “unique” pre-funded ABS model, the analyst tells investors in a research note. The analyst believes Pagaya’s “powerful network effect and product flywheel have positioned the company for ongoing success.”