TD Cowen analyst Moshe Orenbuch says SLM‘s (SLM) July delinquencies were up 49 basis points month-over-month, higher than the seasonal performance for July, driven by a 45 point increase in early stage delinquencies. As a percent of loans in full, delinquencies rose 64 points from June, worse than the seasonal increase of 17 points, the analyst tells investors in a research note. Shares of SLM are down 9%, or $3.09, to $29.90 in midday trading. TD has a Buy rating on the name with a $40 price target
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