Jefferies Upgrades Green Dot (GDOT) to Buy, Says Fears Overblown

Jefferies upgraded Green Dot (NYSE: GDOT) from Hold to Buy in assumed coverage and set a price target of $37 (up from $36).

The firm comments, "We have become more positive on GDOT (upgrading rating/price target to Buy/$37 from Hold/$36, with unchanged estimates) as we believe: 1) fears that GDOT's extensive distribution will fail to protect the company from new market entrants are overblown, 2) too much regulatory risk is discounted in shares, and 3) excessive post-IPO expectations seem to have been reset, with shares now potentially oversold."

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 $30.00 yesterday.

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