Keefe, Bruyette, and Woods Initiates Asta Funding (ASFI) with a Market Perform
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Keefe, Bruyette, and Woods initiates coverage on Asta Funding (NASDAQ: ASFI) with a Market Perform rating and an $8 price target.
The firm said, "Prices for charged-off debt remain higher than they were prior to 2004, but appear to be declining. Increased supply and decreased competition from non-traditional buyers may be contributing to this decline, although lower prices may partly reflect a weaker economic backdrop and lower expected collections."
Asta Funding engages in purchasing, managing for its own account, and servicing distressed performing and non-performing consumer receivables.
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