Loop Capital Starts Chime Financial (CHYM) at Buy

Loop Capital analyst Reginald Smith initiates coverage on Chime Financial (NASDAQ: CHYM) with a Buy rating and a price target of $45.00.

The analyst comments: “We are initiating coverage of Chime Financial, Inc. (CHYM) with a Buy rating and $45 12-month price target. Chime aims to be the primary banking and spending account for everyday Americans living paycheck-to-paycheck and has become the leading destination for consumers leaving traditional banks, differentiating itself through early paycheck access, short-term liquidity solutions, and compelling debit rewards. Shares are up 26% YTD, and consensus EBITDA estimates have increased by more than 2x that amount, reflecting growing confidence in the company's earnings trajectory. However, we believe investors don’t fully appreciate Chime Card, which represents a nearly $1 billion latent annual interchange revenue opportunity, by our estimate, creating a long runway for revenue and earnings growth.”

For an analyst ratings summary and ratings history on Chime Financial click here. For more ratings news on Chime Financial click here.

Shares of Chime Financial closed at $32.31 yesterday.

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