Wedbush Starts Lending Club (LC) at Underperform
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(Updated - October 11, 2016 7:43 AM EDT)
Wedbush initiated coverage on Lending Club (NYSE: LC) with an Underperform rating and a price target of $3.75.
Analyst Henry Coffey Jr. commented, "We are initiating coverage of Lending Club Corp (LC) with an UNDERPERFORM rating and a $3.75 price target. While we want to give management full credit for the job they have done in stabilizing the funding platform since the disruption to the C-suite in May, our rating and price target reflect the expectation that this company is 3 to 5 years away from reporting a meaningful level of earnings and that growth in originations much above current levels is going to be held back by the size/limitations of its marketplace model and the complexities of moving to more conventional sources of funding. In valuing the shares and rating the stock, we looked at the company more as a lender, than a “FinTech” growth company."
Shares of Lending Club closed at $5.95 yesterday.
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