Truist raised the firm’s price target on TransUnion to $65 from $51 and keeps a Hold rating on the shares as part of a broader research note on FinTech names. After a strong Q4, the firm sees “more of the same” for the group as investors add exposure in a soft landing and press multiple expansion for fast-growing Digital FinTechs that are approaching profitability, the analyst tells investors in a research note. The stock’s selloff is overdone and the announcement of a cost-cutting initiative sparked an appropriately sharp rally off the lows, though TransUnion remains in transition, with assets whose long-term competitive position and revenue-generating potential remain in doubt, Truist added.
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