Velocity Financial price target raised to $18 from $17 at Citi

Citi analyst Arren Cyganovich raised the firm’s price target on Velocity Financial to $18 from $17 and keeps a Neutral rating on the shares. Velocity Financial posted a strong quarter with record origination volumes and improved net interest margin, the firm said in a research note on Friday. Post quarter end, year-to-date Velocity continued its strong production trend and origination demand remains favorable towards its loan products. On the credit front, it is also seeing demand from higher quality borrowers as bank competitors remain reluctant to lend to Velocity’s target customers, Citi adds.