Needham & Company Raises Price Target on Yirendai (YRD) Following Strong 2Q
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Needham & Company reiterated a Buy rating on Yirendai Ltd. (NYSE: YRD), and raised the price target to $35.00 (from $14.00), following the company's 2Q earnings report. Revenue of $110.4 million was up 29.8% Q/Q and and 140% Y/Y, ahead of $97.0 million estimates. The company reported $0.67 in Non-GAAP EPS, well above Needham's estimate of $0.28, and was aided by a lower tax rate due to deductibility of risk reserve fund payouts.
Analyst Mayank Tandon commented, "YRD's strong performance in FY16 continued, with the company reporting robust 2Q results, handily beating estimates. Management introduced 3Q guidance that is above our estimates and raised FY16 guidance on both revenue and EBITDA, due primarily to higher than expected loan volume. We are especially encouraged by YRD's consistently improving competitive position in a Chinese peer-to-peer lending market that is going through regulation-driven consolidation. We believe that the company is well positioned to continue benefiting from this trend, given its brand, scale, and risk-management capabilities. On the strength of 1H results, we are raising our estimates, and our new price target is $35. Our rating remains BUY."
Shares of Yirendai Ltd. closed at $30.63 yesterday.
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