Oppenheimer downgraded FICO (FICO) to Perform from Outperform with no price target as the analyst assumed coverage of the credit services group. The firm’s analysis suggests that recent stock moves following FICO’s Mortgage Direct License Program launch reflect anticipated headwinds for Equifax (EFX) and TransUnion (TRU) along with revenue upside for FICO. However, given the combination of regulatory uncertainty, potential share loss to VantageScore, and a 10% stock gain since the announcement on October 1, the firm’s analysis suggests FICO’s valuation is “now full,” the analyst tells investors.
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