LendingClub price target raised to $15.50 from $13 at Piper Sandler

Piper Sandler raised the firm’s price target on LendingClub (LC) to $15.50 from $13 and keeps an Overweight rating on the shares. The firm notes operating results for Q2 beat both the Street and its estimate driven by higher revenue and a lower provision but was partially offset by higher expenses. In addition, LendingClub exceeded its Q2 guidance for both originations and PPNR. Piper views the quarter as very strong with solid results, an improvement in credit quality, and guidance leading estimates higher. The firm expects the stock to meaningfully outperform on Wednesday following the results and outlook.