Pagaya price target raised to $42 from $25 at Benchmark

Benchmark raised the firm’s price target on Pagaya (PGY) to $42 from $25 and keeps a Buy rating on the shares. Improved sentiment had been based primarily on the strength of the company’s Q1 report, but many investors were still looking for affirmation that Pagaya was poised for sustained profitable growth and the company’s preliminary Q2 operating results that were better-than- expected across the board “clearly provided the validation that many had been seeking,” the analyst says.