Davenport Downgrades Marlin Business Services (MRLN) to Neutral
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Davenport downgrades Marlin Business Services (Nasdaq: MRLN) to Neutral.
Davenport analyst says, "Based on expectations for higher borrowing costs and elevated credit losses to persist through 2009, we have lowered our earnings estimates for ’08 and ’09 by $0.38 and $0.60 to $0.22 and $0.40 per share, respectively. MRLN’s stock is due for a bounce trading at less than a third of book value, but we are downgrading the stock at this time as returns seem likely to remain depressed through 2009. Acknowledging the above average risk of any small business lender in the current environment, we would, nevertheless, continue to hold MRLN because we believe the stock is oversold from a long-term perspective as the company should survive the current downturn based on its relatively low leverage and emerge on the other side stronger with a larger, more diverse funding base."
Marlin Business Services Corp. is a provider of equipment financing and working capital solutions primarily to small businesses.
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