Lending Tree (TREE) PT Lowered to $300 at Needham & Company, Keeps 'Buy' Following Earnings

Needham & Company analyst Mayank Tandon lowered the price target on Lending Tree (NASDAQ: TREE) to $300.00 (from $375.00) while maintaining a Buy rating.

The analyst commented, "TREE's 1Q results came in above consensus expectations on both the top and bottom line, largely due to impressive mortgage revenue growth (+74% Y/Y), which offset softer insurance and consumer revenue, which both came in below our expectations. While the NT outlook remains mixed, largely due to ongoing headwinds in the credit card/personal loan product lines, we believe that today's modest pullback in the shares creates an opportunity for LT investors looking for exposure to a diversified financial marketplace that we believe can generate consistent 15-20% revenue growth while expanding margins as economic conditions improve. We are reiterating our BUY rating but lowering our target to $300 to reflect the NT headwinds in the consumer segment."

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