Needham & Company Defends Green Dot (GDOT)

Needham & Company analyst Mayank Tandon reiterated a Buy rating and $30.00 price target on Green Dot (NYSE: GDOT), saying the management shake-up is likely to be positive for the stock - not negative.

Tandon commented, "Last night, GDOT announced that Steve Streit, the company's founder and CEO will retire from his position of CEO and as the Chairman of the Board for Green Dot Bank, transitioning to a role of Chief Innovation Officer. In addition, Mark Shifke, the company's CFO, will also retire at year-end. While the turnover has led to a pre-market dip in the shares, we believe it is a net positive given the company's unsteady execution and difficulty managing Street expectations so far this year, which we believe has damaged credibility and weighed on the share price. We are reiterating our BUY rating and $30 target given our belief that the company's quickly growing BaaS offerings could garner more attention under a new leadership team."

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 $25.86 yesterday.

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