UPDATE: Barclays Downgrades Green Dot (GDOT) to Equalweight
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Barclays analyst Ramsey El-Assal downgraded Green Dot (NYSE: GDOT) from Overweight to Equalweight with a price target of $25.00 (from $31.00).
The analyst comments "We remained positive on GDOT because we believed—and continue to believe—that the company comprises a valuable collection of assets. These assets should enable GDOT to pursue a number of compelling growth opportunities, including a pivot into digital wallets with the Go2Bank strategy as well as increased penetration of the white-label BaaS business. Likewise, we see structural/technical similarities between GDOT’s program management and issuance capabilities and modern card issuing platforms such as MQ and Galileo. We also remain convinced that management quite accurately perceives the “latent” value in the GDOT product portfolio."
Shares of Green Dot closed at $23.63 yesterday.
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