Atlanticus price target raised to $70 from $50 at B. Riley

B. Riley raised the firm’s price target on Atlanticus (ATLC) to $70 from $50 and keeps a Buy rating on the shares. Atlanticus beat estimates in Q3, and the firm believes the upside to its estimates is based on the emerging partnership with Synchrony Financial (SYF), which could bolster purchase volume and overall receivables’ growth reported Q3 purchase volumes of $45B, the analyst tells investors in a research note. With the capital markets swinging back open for Atlanticus, the firm expects both float and market to increase over the next 12-24 months.