Pagaya price target raised to $3.50 from $3.00 at Canaccord

Canaccord analyst Joseph Vafi raised the firm’s price target on Pagaya to $3.50 from $3.00 and keeps a Buy rating on the shares. The firm sees Pagaya’s value proposition resonating with partners, which is not just reflected in revenue performance but also in gross profit; in the case of PGY, defined as fee revenue less production costs. They also highlight strong growth in the auto vertical, which remains relatively new for Pagaya.