Open Lending downgraded to Hold from Buy at Jefferies

Jefferies downgraded Open Lending (LPRO) to Hold from Buy with a price target of $3.70, down from $8. The firm cites the company’s “operational uncertainty” after it delayed its 10-K filing and earnings to finalize accounting for profit-sharing revenue and contract assets, the analyst tells investors in a research note. Jefferies adds that Open Lending faces industry headwinds with declining loan originations and rising losses, weighing on its profitability.