Wedbush Removes Green Dot (GDOT) from Best Ideas List; Maintains 'Outperform' on Positive Growth Outlook

Wedbush maintains an 'Outperform' on Green Dot (NYSE: GDOT) price target slashes from $66 to $43.

Wedbush analyst says, "We are removing Green Dot from the Best Ideas List as revenue and guidance fall well below our expectations, but maintain our rating as we continue to believe Green Dot will grow 20%+ as it leads the reloadable prepaid category. We are removing GDOT after a (19)% decline from the upgrade on 5/9/11 versus (2)% for the S&P 500."

"New “branchless checking account” could provide catalyst as possible game changer. We believe Green Dot will introduce a checking account with upgraded functionality and a competitive price point to compete with traditional banks that have raised checking account fees beyond the reach of many consumers."

Wedbush cuts FY12 EPS estimate from $2.06 to $1.90. FY12 revs from $598.1 mln to $580.1 mln.

For an analyst ratings summary and ratings history on Green Dot click here. For more ratings news on Green Dot click here.

Shares of Green Dot closed at $31.94 yesterday.

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