Maxim Group analyst Michael Diana reiterated a Buy rating on Elevate Credit Inc (NYSE: ELVT) today and set a price target of $13. The company’s shares closed yesterday at $10.41, close to its 52-week high of $11.10.
Diana noted:
“We expect ELVT’s 2Q18 results to reflect continued momentum, though with more seasonality than we had previously forecast. For ELVT’s weakest seasonal quarter, we are lowering our 2Q18 estimates: for revenues to $188.1M, from $189.0M; for EPS to $0.03, from $0.07; and for adjusted EBITDA to $24.7M, from $26.9M. Importantly, we are maintaining our full-year 2018 estimates at $819M for revenues, $0.79 for for adjusted EBITDA. See page 2 for our updated earnings model. Since ELVT and best (and only close) comparable Enova International (ENVA – Buy) both reported strong 1Q18 results at the end of April, the stock prices of both companies, and especially Enova, have advanced significantly. Accordingly, we are raising our price target for ELVT to $13, from $10.”
According to TipRanks.com, Diana is a 5-star analyst with an average return of 8.9% and a 67.3% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.
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The company has a one-year high of $11.10 and a one-year low of $5.90. Currently, Elevate Credit Inc has an average volume of 175.7K.
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Elevate Credit, Inc. engages in providing online credit products for non-prime consumers. It offers online credit solutions to consumers in the U.S. and the United Kingdom who are not well-served by traditional bank products and who are looking for options than payday loans, title loans, pawn, and storefront installment loans.
