Santander Consumer USA's (SC) August Trust Data Shows Stable Credit Market - Piper Jaffray

Piper Jaffray analyst, Kevin Barker, reiterated his Overweight rating on shares of Santander Consumer USA Holdings Inc. (NYSE: SC) after the company published August ABS data for its SDART and DRIVE vehicles that showed total DQ rates declined 0.28% Y/Y to 14.93% and annualized net loss rates that also declined 0.53% on a Y/Y basis to 7.66%.

The analyst noted that this is the fifth straight Y/Y decline in net losses and the fourth decline in DQ rates over the past five months. He went on to state "Overall, it appears credit metrics still reflect a broad improvement albeit a slowing of the decline
in DQ and NCO rates. We note 30D+ DQ rates on the 2017 SDART securitizations have started to increase after several quarters of improving trends. This bears watching given we expected the 2017 vintage to continue showing improving DQ trends and a flatter loss curve compared to previous vintages".

No change to the price target of $27.

For an analyst ratings summary and ratings history on Santander Consumer USA Holdings Inc. click here. For more ratings news on Santander Consumer USA Holdings Inc. click here.

Shares of Santander Consumer USA Holdings Inc. closed at $21.21 yesterday.

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