Citi upgraded SLM to Buy from Neutral with a price target of $23, up from $14. The analyst cites higher expected balance sheet growth, potential to grow market share from a competitor exit, and expectations for higher gain on sale margins as interest rates fall from elevated levels for the upgrade. Citi sees a higher multiple for SLM as it moves away from selling the bulk of its loan production in the coming years.
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Read More on SLM:
- Apple downgraded, Home Depot upgraded: Wall Street’s top analyst calls
- SLM price target raised to $23 from $16 at Barclays
- Deutsche starts consumer, specialty finance group with 8 buys, 8 holds
- SLM initiated with a Buy at Deutsche Bank
- SLM downgraded to Neutral from Overweight at JPMorgan
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