LendingClub rises after KBW upgrades to 'outperform' rating

Happen

10/10/2024 17:45

** Financial services company LendingClub's  LC.N  shares
rise ~4.6% to $12.43
    ** KBW upgrades to "outperform" from "market perform"
rating, expecting lower rates and a better macro environment to
boost LC's growth
    ** Brokerage says LC to benefit from the Fed rate cut as
lower rates are positive for personal loan demand, secondary
market pricing and lower deposit cost
    ** Adds LC is well-positioned to take advantage of preserved
capital during recent period of stress
    ** Nine of 10 brokerages rate the stock "buy" or higher, 1
"hold"; their median PT is $14.50 - LSEG data
    ** Including session's moves, stock up ~43% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))