TD Cowen upgraded Enova International (ENVA) to Buy from Hold with a price target of $117, down from $130. The company is still seeing “very strong growth currently” in both of its consumer and small business lending given a favorable competitive environment, despite the recent increase in macro volatility, the analyst tells investors in a research note. TD believes Enova’s growth has not occurred at the expense of underwriting, as its credit quality has remained solid in both segments. The stock’s valuation is more favorable than a few months ago, and management has continued to be focused in driving shareholder value through an “aggressive” buyback program, adds the firm.
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