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In a report published Thursday, Credit Suisse analyst Georgios Mihalos upgraded the rating on
Green Dot CorporationGDOT from Neutral to Outperform, and raised the price target from $19.00 to $25.00.
In the report, Credit Suisse noted, "We are upgrading shares of GDOT to Outperform and raising our TP to $25 from $19 implying 60% potential upside from current levels. Since going public in 2010 at $36/share, the shares have been on a roller coaster, peaking at $64.68 in 12/10 to bottoming at $9.06 in 07/12 when the loss of retailer partner exclusivity was viewed as an unraveling of the business model. Now trading at 4.7x 2015E EBITDA, a 60% discount to the peer group and 6.3x unencumbered cash, the shares are reflecting the latter sentiment. We see a asymmetric risk/reward profile and sizable margin of safety with likely upward revisions and multiple expansion on the horizon."
Green Dot Corporation closed on Wednesday at $15.63.
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