Velocity Financial price target raised to $12 from $10 at Citi

Citi analyst Arren Cyganovich raised the firm’s price target on Velocity Financial to $12 from $10 and keeps a Neutral rating on the shares. The analyst expects consumer finance stocks to report solid Q2 results with likely positive credit commentary and outlooks for loan growth. Deposit costs benefitted from lower competition early in the quarter, but with recent rate expectations there could be some negative commentary with respect to net interest margins, the analyst tells investors in a research note.