UPDATE: Keefe, Bruyette & Woods Reiterates On Medallion Financial On Continued Consumer Loan Portfolio Growth
In a report published Friday, Keefe, Bruyette & Woods analyst Troy Ward reiterated a Market Perform rating on Medallion Financial (NASDAQ: TAXI), but lowered the price target from $15.00 to $13.00.
In the report, Keefe, Bruyette & Woods noted, “Earnings were well above expectations due to additional interest recovery income as well as strong loan growth in the bank. Portfolio yields were stable in medallion loans. TAXI's consumer loan portfolio continued its rapid growth. Credit quality continues to be solid. We are raising our 2014 estimate but lowering our 2015 estimate. Due to continued growth in the consumer loan portfolio we are increasing our required return for TAXI. As a result, we are lowering our target price to $13 from $15.”
Medallion Financial closed on Thursday at $12.23.
Latest Ratings for TAXI
|Apr 2013||Sandler O'Neill||Upgrades||Hold||Buy|
|May 2012||Sandler O'Neill||Initiates Coverage on||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.