FBR Capital Cuts Price Target on On Deck Capital (ONDK) to $6.00 Following 2Q
- Wall Street gains, helped by oil, economic data
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Unusual 11 Mid-Day Movers 12/5: (NVCN) (BCEI) (MEMP) Higher; (GTXI) (CERC) (HDSN) Lower
- Oil hits 16-month high in buying rush after OPEC agreement
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
FBR Capital maintained a Market Perform rating on On Deck Capital (NYSE: ONDK), and cut the price target to $6.00 (from $6.50), following the company's 2Q earnings report. ONDK reported an operating loss of $0.20 per share, $0.04 above consensus. Lower marketing costs were the primary reason for the beat. The company's unrestricted cash declined $58.8M in 2Q to $78.1M as the company continues to deploy more funds into loans.
Analyst Bob Ramsey commented, "We reiterate our Market Perform rating on shares of On Deck Capital and adjust our price target to $6.00 (from $6.50) following 2Q16 results. This was a good quarter for ONDK as strong marketing efficiency boosted results, and On Deck continues to make progress toward its long-term profitability goals. We like ONDK's business model and focus on efficient underwriting and the opportunity to offer lending as a service through bank partnerships. While ONDK made progress, we would like to see stronger profitability to become more constructive on the shares. To reflect 2Q16 results, we raise our 2016 operating EPS estimate to ($0.67) from ($0.70) but trim our 2017 operating EPS estimate to ($0.05) from $0.00 to reflect lower gainon-sale margins."
Shares of On Deck Capital closed at $5.16 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Instinet Raises Price Target on Noble Energy (NBL) to $44; Reiterates Buy
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!