FBR Capital Raises Estimates and Price Targets on SLM Corp and Nelnet (NNI)
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FBR Capital reiterated their Outperform ratings and raised estimates and price targets on student loan companies SLM Corp (NYSE: SLM) and Nelnet Inc. (NYSE: NNI).
On SLM, FBR raised its 12-month price target to $16 and revised their earnings forecast based on improving student loan spreads and the earnings potential they are forecasting from the upcoming servicing contract with the Department of Education. The firm raised 2009 estimate by $0.12 to $1.18 and 2010 estimate by $0.34 to $2.06.
On NNI, FBR raised its 12-month price target to $18 and raised earnings estimates to reflect the long-term earnings opportunity posed by the Department of Education servicing contract awarded to Nelnet. The firm raised core 2009 estimate by $0.24 to $2.20 and raised core 2010 estimate by $0.28 to $2.25.
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