Sunlight Financial price target lowered to $2 from $6 at Citi

Citi analyst Arren Cyganovich lowered the firm’s price target on Sunlight Financial to $2 from $6 and keeps a Sell rating on the shares. The company reported a much larger quarterly loss per share than expected and highlighted still challenging conditions for selling its indirect channel loans. the analyst tells investors in a research note. The firm says purchasers have “unexpectedly deteriorated,” and Sunlight has not been able to and does not expect to be able to sell indirect channel loans to partners in previously expected volumes.