Open Lending (LPRO) Probably Shouldn't Be Up on Stellantis Rumors - DA Davidson

DA Davidson analyst Peter Heckmann weighed in on Open Lending (NASDAQ: LPRO) and notes the stock is up today on news Stellantis NV agreed to buy First Investors Financial Services Group to create a captive lending arm. Due to the fact that First Investors is an Open Lending client, there is speculation the deal could help facilitate an expanded deal for Stellantis to become an OEM captive lending partner, Heckmann notes.

However, Heckmann said while they continue to like the stock and think LPRO has great growth prospects, it probably should not be up today on this rumor.

"... we don't think this is a fait accompli, and we suspect a formal deal may take months or years to finalize (or may not materialize)," he said in a note to clients.

The firm reiterated a Buy rating and $50.00 price target on LPRO.

For an analyst ratings summary and ratings history on Open Lending click here. For more ratings news on Open Lending click here.

Shares of Open Lending closed at $38.96 yesterday.

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