From Globe & Mail this AM Nice upgrade.
GLTA
SM
* Eight Capital’s Adhir Kadve raised his Propel Holdings Inc. (
) target to $29 from $25, exceeding the $23.90 average, with a “buy” rating.
“We had the opportunity to go on the road with Propel CEO Clive Kinross and CFO Sheldon Saidakovsky, and we came away incrementally positive about Propel’s overall prospects moving forward,” he said. “While shares have performed well recently, the company’s catalyst-rich outlook has us believing that there remains potential upside from here coming from 1) execution on the growth opportunity from its core U.S. lending business, 2) conservatism built into the F24 guidance from FORA credit, 3) a key re-rate opportunity from the ramp and scale of the LaaS program throughout F24 and beyond, and 4) strong capital allocation. As such, in our view, any pullback in price represents a compelling buying opportunity.”