FBR Capital Cuts Price Target on On Deck Capital (ONDK) to $6.00 Following 2Q
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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.
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