PRA Group price target lowered to $28 from $42 at Truist

Truist analyst Mark Hughes lowered the firm’s price target on PRA Group to $28 from $42 and keeps a Buy rating on the shares. Debt buyers appear to be deriving only moderate benefit from the uptick in industry supply of credit card charge-offs even as its growth, while still very positive, is decelerating, the analyst tells investors in a research note. PRA is still in the red on underlying profitability, absent portfolio gains, and there is limited visibility for improvement, the firm says.