Canaccord lowered the firm’s price target on Pagaya (PGY) to $32 from $39 and keeps a Buy rating on the shares. The firm said the company’s conservative decision to dial back on loan approvals creates a buying opportunity as Pagaya continued to execute across all facets of its business in Q4. New logo wins, loan application volume growth, strong demand on the funding side of the business, and nice operating leverage were all clearly at play in Q4 results.
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