In a report released today, Kyle Peterson from Needham reiterated a Buy rating on Open Lending (LPRO – Research Report), with a price target of $2.00.
Kyle Peterson has given his Buy rating due to a combination of factors including Open Lending’s current valuation and balance sheet strength. Despite the company reporting disappointing fourth-quarter results, which fell short of market expectations due to a significant negative adjustment in profit share revenue, Peterson sees potential value in the stock.
Open Lending’s shares are trading at a low multiple of tangible book value, and the company holds a substantial portion of its market capitalization in net cash. Although the company faces challenges in regaining investor confidence, Peterson believes that the underlying value of the stock remains compelling, warranting a Buy rating despite the reduced price target.
According to TipRanks, Peterson is a 3-star analyst with an average return of 1.7% and a 43.86% success rate. Peterson covers the Technology sector, focusing on stocks such as Alight, Affirm Holdings, and Fair Isaac.
In another report released yesterday, Raymond James also reiterated a Buy rating on the stock with a $7.00 price target.