Credit Suisse Downgrades Nelnet (NNI) to Neutral; Balanced Risk/Reward
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Credit Suisse downgraded Nelnet (NYSE: NNI) from Outperform to Neutral with a price target of $48.00 (from $45.00) on balanced risk/reward amid stock gains.
Analyst Moshe Orenbuch commented, "Overall, we believe that shares of Nelnet are now fairly priced following strong price appreciation from the election, due to our expectation for limited capital return, and interest rate dynamics that should dampen earnings over the next several quarters, offset somewhat by the opportunity to win the Direct Loan servicing contract and the possibility of some increase in private sector involvement in government loans. Maintain ’17 estimate of $4.83 and increase price target from $45 to $48 (94% of 3Q17 estimated book) due to diminished regulatory risk, but downgrade to Neutral."
Shares of Nelnet closed at $47.31 yesterday.
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