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Open Lending price target lowered to $8 from $9 at DA Davidson

DA Davidson lowered the firm’s price target on Open Lending to $8 from $9 and keeps a Buy rating on the shares. The company’s Q2 revenue and adjusted EBITDA were materially below estimates, even though total revenue included a $6.7M reversal of previously recognized insurance profit sharing fee revenue, the analyst tells investors in a research note. Following the update, the firm is reducing its forecasts, though it still hopes to see sequential quarterly improvement in certified loans moving into 2025, DA Davidson added.

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