SLM price target raised to $27 from $24 at Wells Fargo

Wells Fargo analyst Michael Kaye raised the firm’s price target on SLM to $27 from $24 and keeps an Overweight rating on the shares. SLM had a good quarter, with the highlight being the positive credit trends and a better than expected loan sale premium, the analyst tells investors in a research note. The early performance of the new loss mitigation programs are tracking favorably and is leading to better credit trends, and peak season is expected to be more truncated which could better enable SLM to handle the influx of volume in a short period.