JMP Securities analyst David Scharf lowered the firm’s price target on PRA Group to $42 from $47 but keeps an Outperform rating on the shares as part of a broader research note on Consumer FinTech. While macro uncertainty, accelerating Fed actions weighing on equity valuations, and 40-year-high inflation limited visibility into the magnitude of economic headwinds in the U.S., the strong secular trends toward more digital lending and payments remain intact and dominant for a significant portion of our consumer lending and PaymenTech coverage, the analyst tells investors in a research note. Scharf adds that near-term drivers for the group may not change in the first half of the year, but he believes it is time for investors to dive into where they want to be "early."
Published first on TheFly