BTIG Positive on LendingClub's (LC) New Chief Capital Officer Addition; Affirms at 'Buy'

BTIG affirms LendingClub (NYSE: LC) with a Buy rating and $9 price target after the company announced that Patrick Dunne has joined Lending Club as Chief Capital Officer. Dunne will be responsible for managing Lending Club's Investor Group which spans individual investors, strategic partnerships with retail distribution partners, banks and other institutional investors including asset managers, pensions, foundations and endowments.

Analyst Mark Palmer commented today:

• Given his diverse background in the investment space, we believe Dunne could serve an important role not only in shoring up LC's investor base, but also contributing to the development and launch of new verticals from the company's marketplace platform.
• Such development had been an important part of LC's plans for future growth, with management originally targeting the launch of one to two new verticals per year, but it has been put on the company's back burner while management has focused on reassuring investors that the issues surrounding the alteration dates on $3mm of loans before their sale that led to Laplanche's departure have been addressed.

For an analyst ratings summary and ratings history on Lending Club click here. For more ratings news on Lending Club click here.

You May Also Be Interested In

• Boston Scientific (BSX) PT Raised to $80 at BTIG
• Splash Beverage Group Inc. (SBEV) Appoints Julius Ivancsits as CFO
• Boeing (BA) PT Lowered to $240 at Stifel