Jefferies Maintains Buy on Green Dot After Bluebird Card Pull from Wal-mart Stores
Jefferies & Company has published a research report on Green Dot (NASDAQ: GDOT) after checks showed that the AXP Bluebird prepaid card is being pull from Wal-mart (NYSE: WMT) locations in several states.
In the report, Jefferies writes, "Our checks indicate that the AXP Bluebird prepaid reloadable card is being pulled from WMT pilot locations in California, Nevada, and Arizona, and that Bluebird card sales have been lackluster relative to the GDOT/WMT MoneyCard during the pilot. Potential cessation of the Bluebird program should remove an overhang for Buy-rated GDOT, with shares responding positively to the news, we believe."
Jefferies maintains its Buy rating and $29 price target on Green Dot, which is currently trading up 9.81% from Friday's closing price.
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