UPDATE: BofA Securities Starts Rent-A-Center (RCII) at Buy, Lease to Own Could Should Spur Growth
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BofA Securities analyst Jason Haas initiates coverage on Rent-A-Center (NASDAQ: RCII) with a Buy rating and a price target of $85.00 after the company’s acquisition of Acima positions RCII to see accelerated growth as the strong #2 competitor in the high-growth virtual lease-to-own (LTO) industry.
The analyst stated "Of the 40 largest retailers selling big ticket products like furniture and appliances, just 10 currently offer a lease-to-own financing option. We think many more could roll out programs in the coming years given the success of early adopters of virtual LTO technology."
Shares of Rent-A-Center closed at $64.95 yesterday.
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