Australia's Credit Corp rises after Macquarie raises PT

PRA

05/03/2024 23:50

** Shares of Credit Corp Group  CCP.AX  rise as much as 1.5%
to A$19.23 after Macquarie raised co's price target on U.S.
market commentary from peers
    ** Brokerage raise PT by 8.4% to A$18.32, retains "neutral"
rating for the Australian consumer lending firm  
    ** Within the U.S., PRA Group  PRAA.O  sees a relatively
stable collections environment and no significant impact from
customer segments that may be experiencing stress - Macquarie
    ** Brokerage says Encore Capital Group  ECPG.O  is observing
a more normal, stable environment in the U.S. that is similar to
the pre-pandemic years
    ** Improved U.S. purchased debt ledger segment collections,
following the recent impairment and consumer lending growth is
set to drive CCP earnings - brokerage
    ** CCP stock up ~17% YTD, as of last close 
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))