Pagaya upgraded to Buy from Hold at Canaccord

Canaccord analyst Joseph Vafi upgraded Pagaya to Buy from Hold with a price target of $3, up from $1.50. The current economic environment is providing the company with a "real-world opportunity to showcase both the resiliency of its value proposition and its ability to adjust the business model in near real-time based on economic conditions," the analyst tells investors in a research note. The firm believes Pagaya is executing well against its most strategic priorities right now, namely achieving sustainable, profitable market share gains in a "very large" total addressable market.