UPDATE: BTIG Raises PT for Green Dot, Opportunity Exists in Prepaid Card Business

In a report published on Monday analysts at BTIG raised its price target on Green Dot GDOT from $19 to $23 and maintained its Buy rating on the company. In the report lead analyst Mark Palmer commented that, "As such, GDOT is poised to add the role of WMT's prepaid card issuer to its existing role of program manager, and it thereby deepened its relationship with its most important distribution partner. And we believe those who are short GDOT shares should be increasingly concerned about a headline hitting the tape in which the company has extended its contract with WMT for several years. Even if GDOT had to make some concessions on its revenue-sharing arrangement with the giant retailer, we think the removal of the uncertainty associated with the contract would provide a significant boost to its shares." Green Dot closed on Monday at $19.34