Equifax price target lowered to $250 from $285 at BofA

BofA lowered the firm’s price target on Equifax (EFX) to $250 from $285 and keeps a Neutral rating on the shares after FICO (FICO) launched its Mortgage Direct License Program to allow tri-merge resellers to bypass the credit bureaus. The firm thinks the decision to increase transparency via bypassing the credit bureaus is a headwind if the resellers decide to proceed with the new model, but adds that it is unknown if resellers have the infrastructure capability to calculate the score given the timing of the news. FICO’s announcement “may have caught the bureaus by surprise,” but the firm foresees them acting strategically to minimize revenue erosion, the analyst added.