UPDATE: JP Morgan Reiterates Overweight, Lowers PT to $38 on Green Dot

JP Morgan maintains its Overweight rating on Green Dot GDOT and lowers its price target to $38 from $49 per share as financial services shift away from the traditional bank branch. JP Morgan says, "We believe GDOT has the potential to be the “next generation bank,” as transactional financial services increasingly move outside the traditional bank branch. Moreover, we believe recent financial reform (debit interchange regulation) could drive up consumer bank fees, causing more people to migrate to alternative financial products like prepaid. We think GPR prepaid cards could appeal to a broad swath of unbanked, underbanked households, which represent roughly 60 million adults in the United States. ...We believe shares are extremely attractive on a price-to-growth basis and consider GDOT one of our top GARP ideas." GDOT closed at $28.87 per share on Wednesday.