PRA Group price target lowered to $21 from $33 at JMP Securities

JMP Securities lowered the firm’s price target on PRA Group to $21 from $33 and keeps an Outperform rating on the shares. PRA Group’s GAAP and cash results were modestly better than the firm’s estimates for nearly every key indicator, the analyst tells investors in a research note. At the same time, the firm argues that PRA may not see material GAAP earnings until late 2024 due to timing mechanics.