LendingTree rises after KBW upgrades to 'outperform'

LendingTree

28/02/2024 16:16

** Shares of online lending marketplace LendingTree  TREE.O 
rise 10.9% to $36.19 in morning trade
    ** KBW upgrades TREE to "outperform" from "market perform";
raises PT to $45 from $24, a 38% upside to the last close
    ** Brokerage expects 2024 earnings recovery to lead a
rebound in TREE's insurance segment
    ** TREE management's tone around the convertible notes
maturity was notably more upbeat, which has been the primary
overhang on the stock over the last year - KBW
    ** Brokerage thinks TREE has a viable path to addressing the
maturity via combination of additional repurchases at a discount
and refinancing the remaining portion
    ** Six of eight brokerages rate the stock "buy" or higher
and two "hold"; their median PT is $38 - LSEG
    ** Stock rose 42.2% in 2023

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