JPMorgan said the stock is a way to express that 'the recession for which investors have been bracing for well over a year, will be milder than feared.'
LendingClub may be oversold after investors grew too wary of financial institutions' balance sheets and the impacts of a potential recession, JPMorgan said. Analyst Reginald Smith initiated the stock at overweight. He set a price target of $11, which implies the stock could surge 60.3% from Monday's close.
And he said the stock "is a compelling way to express the view that the recession for which investors have been bracing for well over a year, will be milder than feared." He said LendingClub is a leading player in what he called a fragmented and unpenetrated market for personal loans. At a roughly 8% market share, the company is the second largest loan originator in the U.S.
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