AGI price target lowered to $10 from $15 at Oppenheimer

Oppenheimer lowered the firm’s price target on AGI (AGBK) to $10 from $15 and keeps an Outperform rating on the shares. The firm notes the company reported Q1 revenue and net income below its estimates, largely driven by lower than estimated loan growth and net interest margin. While AGI’s credit portfolio showed strong 30%-plus growth year-over-year, a higher mix of lower yielding secured loans, and higher than expected funding costs drove net interest income below expectations.