Jefferies Cuts Price Target on On Deck Capital (ONDK) Following 3Q Miss
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Jefferies maintained a Hold rating on On Deck Capital (NYSE: ONDK), and cut the price target to $5.40 (from $6.50), following the company's 3Q earnings report. Gross revenue was up +15% Y/Y to $77.4MM vs. consensus estimates of $75.3MM and guidance of $73MM-$76MM. Operating net loss per share of ($0.18) was below Street’s ($0.17).
Analyst Brian Fitzgerald commented, "On Deck reported a mixed quarter with strong originations growth and record interest income offsetting a decline in gain on sale of loans. Mgmt reiterated full-year guidance but signs of macro headwinds and soft credit environment remain an ongoing concern. Lower gain-on-sale rates, higher funding costs going forward and higher loss provisions should continue to pressure net revenue in the near-term. We maintain our Hold."
Shares of On Deck Capital closed at $4.09 yesterday.
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