TD Cowen analyst Moshe Orenbuch maintained a Buy rating on FirstCash today and set a price target of $235.00.
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Moshe Orenbuch has given his Buy rating due to a combination of factors, starting with FirstCash’s clear outperformance in the latest quarter, where earnings, revenue and gross profit all surpassed both his model and Street expectations, driven largely by robust pawn lending activity in every geography, especially in the U.S. He also highlights that pawn loan growth is not only strong but accelerating, while share repurchases exceeded his forecast, underscoring management’s confidence and disciplined capital deployment.
Moreover, he points out that pawn demand remains very healthy into the current quarter, the U.K. acquisition is integrating faster and more profitably than anticipated, and leverage has fallen to a level that provides flexibility for further investment or additional buybacks. While guidance for the AFF segment was reduced, he views that business as increasingly secondary to the core pawn franchise and notes a healthy pipeline of expansion opportunities into 2026, which, combined with a supportive macro backdrop for pawn services, supports higher out‑year earnings estimates and justifies a Buy recommendation.