UPDATE: Piper Jaffray Downgrades Rating to Neutral and Lowers PT to $32 on Green Dot Corp

A report from Piper Jaffray downgrades its rating from Overweight to Neutral and lowers its price target from $62 to $32 on Green Dot Corp GDOT. The report states, “GDOT is a leading issuer of general purpose reloadable (GPR) prepaid cards and operates a large reload network with 55K retailers, reaching ~94% of Americans. While we acknowledge GDOT's leading market position and future growth prospects, we believe competitive pressures have increased. Specifically, in our view, GDOT needs to further leverage its distribution network to offer additional products for underbanked consumers.” GDOT closed Friday at $29.39.