Blend Labs hits more than six-month low after Q4 profit miss

Blend Labs

28/02/2025 16:08

** Shares of digital lending platform Blend Labs BLND.N plunge as much as 20.2%, hitting their lowest since August

** BLND on Thursday posted Q4 adjusted EPS below Wall Street expectations, after beating estimates in previous three quarters

** Co forecast mortgage originations to be lower in Q1 2025 relative to Q4 2024, based on volumes YTD through its customer base and latest macroeconomic data

** UBS lowers revenue estimates down 9% in FY 2025 given still-challenging mortgage backdrop

** Brokerage cuts PT to $3.50 from $4, slight discount to stock's last close

** Avg. rating of six analysts is "buy"; median PT is $5.68 - LSEG data

** As of last close, BLND stock down 16.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))