Pacific Crest maintained an Overweight rating on On Deck Capital (NYSE: ONDK) but lowered its price target to $18.00 (from $28.00). Analyst Josh Beck described the company's Q2 as "nosier than expected."

"OnDeck beat Q2 revenue and EBITDA expectations. Funding mix changes plus weak advisor and direct channel results led to lower gross revenue but higher EBITDA guidance. We expect results to remain noisy until funding mix and SMB competition stabilize. We are lowering our estimates and price target on ONDK. We see a limited consumer read-through and thus remain buyers of LC (NYSE: LC)," said Beck.

"We expected a noisy quarter due to a maturing model but did not foresee heightened SMB competition and thus are lowering price target on rising execution risks. We maintaining our positive bias on the longer-term opportunity in what we view as an underserved SMB market," added the analyst.

For an analyst ratings summary and ratings history on On Deck Capital click here. For more ratings news on On Deck Capital click here.

Shares of On Deck Capital closed at $13.38 yesterday.