LendingClub rises after Piper Sandler initiates coverage with 'overweight'

Happen

28/11/2023 17:44

** Shares of financial services firm LendingClub  LC.N  rise
9.3% to $6.1  
    ** Brokerage Piper Sandler starts coverage on the stock with
an "overweight" rating; says LC is undervalued  
    ** Sets PT at $8, implying a 43.37% upside on stock's last
close
    ** LC well positioned to see earnings growth as net interest
margin inflects higher in 2024 due to lower funding costs and
significant cost reductions - Piper Sandler 
    ** 7 of 10 brokerages rate the stock "buy" or higher, 3
"hold"; their median PT is $8 - LSEG data
    ** Stock down 36.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))