Jefferies Remains Bullish Ahead of Santander Consumer USA's (SC) Trust Data Report
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Jefferies reiterated a Buy rating and $15.00 price target on Santander Consumer USA Holdings Inc. (NYSE: SC) ahead of the company's August trust data report.
Analyst John Hecht commented, "SC reports August trust data on Thursday, September 15th. Our expectation is for modest seasonal reversion in DQs and NCOs. In the trusts, we forecast total DQs of 14.6% versus July's 14.0% while NCOs tick higher to 8.0% from 7.3%. Our quarterly 3Q16 estimate anticipates a similar reversion QoQ in NCOs (3Q16E NCOs of 9.4% vs 3Q15 of 7.8%). As a reminder, our 2Q16 analysis of trust data suggests credit upside (although the company has yet to report 2Q)."
Shares of Santander Consumer USA Holdings Inc. closed at $11.90 yesterday.
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