Canaccord analyst Joseph Vafi initiated coverage of Dave (DAVE) with a Buy rating and $120 price target The company believes its target total addressable market includes 180M consumers which it defines as financially vulnerable. The firm says Dave can make money across consumer cohorts where big banks can’t because its business model isn’t based on a traditional net interest margin. A better consumer banking experience has led to sustainably attractive customer acquisition costs, contends Canaccord. It believes the company’s service offerings are resonating with the under-banked consumer.
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