Chime initiated with an Outperform at Evercore ISI

Evercore ISI analyst Mark Mahaney initiated coverage of Chime (CHYM) with an Outperform rating and $38 price target The firm believe Chime has established early leadership in the mass-market digital banking space and is positioned to deliver 20%-plus topline growth with expanding margins, contends the analyst, adding that the firm’s survey of 3,000 U.S. consumers “corroborates this momentum.”