LendingClub price target raised to $20 from $18 at Piper Sandler

Piper Sandler raised the firm’s price target on LendingClub (LC) to $20 from $18 and keeps an Overweight rating on the shares. The firm notes operating results for Q3 beat both the Street and its estimate driven by higher revenue and a lower provision but was partially offset by lower net interest income. Piper views the quarter as strong with solid results and solid credit metrics when credit was a perceived risk going into the print. The firm expects the stock to outperform on Thursday following the results and outlook.