Citi upgraded Pagaya (PGY) to Buy from Neutral with a price target of $14.50, up from $13. The stock has been held back owing to recent markdowns on its 2023 vintage, but the risk/reward in 2025 improves, the analyst tells investors in a research note. The firm thinks Pagaya’s narrative improves in 2025 towards a focus on network partner expansion and rising personal loan, point-of-sale volume demand from existing partners.
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