Live Oak Bancshares, Inc. Reports First Quarter 2023 Results
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JPMorgan Upgrades Live Oak Bancshares (LOB) to Neutral, 'With NIM Pressure Mounting at a Much Faster than Expected Pace, Trough Is in Sight
April 28, 2023 5:30 AM EDTJPMorgan analyst Steven Alexopoulos upgraded Live Oak Bancshares (NASDAQ: LOB) from Underweight to Neutral with a price target of $26.50 (from $25.00).
The analyst comments "We downgraded LOB shares in December 2022 as we saw Live Oak as among the more vulnerable across our coverage universe to seeing negative EPS revisions from both a NIM and credit point of view. To this end, with the companys NIM declining 30 bps in 1Q23 and then guided to decline by another 20-25 bps in 2Q23 (as a result of boosting rates paid on deposits much further... More
