Dave initiated with an Outperform at JMP Securities

JMP Securities initiated coverage of Dave with an Outperform rating and $70 price target. Dave is a neobank and financial technology company that provides customers with cash advances to avoid overdraft fees, as well as a sophisticated digital service banking offering, the analyst tells investors in a research note. The firm says Dave has achieved financial stability after reaching adjusted EBITDA profitability, positioning it as a “promising investment opportunity as it continues to evolve its offerings and expand in the large marketplace.”