Northland upgraded OneMain (OMF) to Outperform from Market Perform. While stating that OneMain is “not completely out of the woods” due to the “back book” still at 16% of loans, and adding that credit worries could create further credit issues in a serious recession, the analyst says the company has improved underwriting and earnings are “very close to an inflection” and notes that shares trade at slightly over a 10% dividend yield.
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