Brokerages trim Blend Labs PT as mortgage issuance slows
11/11/2022 14:04
** Brokerages cut PT for cloud-based financial platforms
maker Blend Labs Inc BLND.N as the mortgage industry sees a
decline in borrowing over the quarter
** Piper Sandler cuts PT to $2.40 from $3.20; stays
"neutral" on co
** Says BLND's reduced FY22 rev forecast midpoint to $237.5
mln implies further deceleration in Q4
** Wells Fargo cuts PT to $2.50 from $3; maintains "buy"
rating
** Says declines in mortgage industry borrowings brought
down Q3 rev for co
** Adds growth in co's consumer banking and marketplace
segment helps diversify business
** "Even with the worsening macro backdrop, guidance
revisions were modest" - Wells Fargo
** Co on Thursday reported a better-than-expected Q3 rev of
$55.35 mln vs Wall St est of $50.44 - Refinitiv IBES
** YTD, the stock is down ~70%, as of last close
(Reporting by Anirban Chakroborti in Bengaluru)
((Anirban.Chakroborti@thomsonreuters.com;))