Pagaya initiated with Buy, $4 target at B. Riley

B. Riley analyst Hal Goetsch last night initiated coverage of Pagaya Technologies with a Buy rating and $4 price target. Pagaya is a two-sided fintech platform model that uses artificial intelligence and millions of data points to approve borrowers and match their loans to the risk appetite and lending policy platform of investors, the analyst tells investors in a research note. The firm sees a “long runway for growth” as Pagaya penetrates large new total addressable markets in auto, home, point of sale, and other lending verticals “where second-look AI decision-making is still nascent.”