Mizuho Securities Raises Price Target on LendingTree (TREE) to $122
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Mizuho Securities reiterated a Buy rating on Lending Tree (NASDAQ: TREE), and raised the price target to $122.00 (from $102.00), following CompareCards opportunity. Mizuho estimates that CompareCards could provide ~15%-20% incremental revenue and EBITDA to TREE.
Analyst Neil Doshi commented, "After pondering over the CompareCards opportunity, we decided to take a preliminary stab at updating our model for the CompareCards acquisition. We estimate that CompareCards should be margin accretive and should add an incremental $79m in revenue and $15m in EBITDA in 2017. As such, we are raising our target price from $102 to $122 as we flow our CompareCards estimates through our existing TREE model. We remain buyers of TREE and view the company's first Investor Day on December 13 as a potential catalyst for the stock."
Shares of Lending Tree closed at $100.00 yesterday.
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