Enova International's Opportunities In Brazil May Not Be Factored Into Street Estimates

JMP's David Scharf reiterated Enova International ENVA at Market Outperform with a $9.50 price target. The reiteration came after JMP hosted Enova's CEO David Fisher at several investor meetings in New York City.

"We feel there is a meaningful long-term opportunity in Brazil not yet fully appreciated in the estimates," said Scharf.

Additional observations from Scharf after meeting management:

• The U.K. business is still very in the early stages, leaving room for more performance on the company's rebound in the region.
• The U.S. business "is positioned to manage through regulatory reform with particular upside likely [from] market share gains from brick and mortar stores"
• Resilient credit performance across Enova's U.S. borrower base

At time of writing, Enova International traded at $7.38, up 4.98 percent.