Propel (TSE:PRL) Rating Lowered to "Sector Perform" at Scotiabank

Key Points

• Scotiabank downgraded Propel from "sector outperform" to "sector perform" and cut its price target to C$27.00 from C$35.00.
• Several other brokers also trimmed targets (e.g., Raymond James C$45→C$32, ATB Cormark C$38→C$27, Canaccord C$37→C$27), though most analysts still rate the stock a Buy, giving Propel an average rating of "Moderate Buy".
• The stock reacted to the news, trading down C$1.35 to C$20.51 mid-day; Propel has a market cap of about C$807 million and a 12-month range of C$17.24–C$39.15.

Propel (TSE:PRL - Get Free Report) was downgraded by Scotiabank from a "sector outperform" rating to a "sector perform" rating in a research note issued to investors on Tuesday,BayStreet.CA reports. They presently have a C$27.00 price target on the stock, down from their previous price target of C$35.00.

A number of other brokerages have also recently issued reports on PRL. ATB Cormark Capital Markets dropped their target price on Propel from C$38.00 to C$27.00 and set an "outperform" rating for the company in a report on Wednesday, March 4th. Raymond James Financial decreased their price target on Propel from C$45.00 to C$32.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 4th. Stifel Nicolaus decreased their price target on Propel from C$38.00 to C$32.00 and set a "buy" rating on the stock in a research report on Wednesday, March 4th. Ventum Financial decreased their price target on Propel from C$4.00 to C$3.00 and set a "buy" rating on the stock in a research report on Wednesday, March 4th. Finally, Canaccord Genuity Group decreased their price target on Propel from C$37.00 to C$27.00 in a research report on Wednesday, March 4th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Propel presently has an average rating of "Moderate Buy".

Propel Price Performance

Shares of PRL traded down $1.35 during mid-day trading on Tuesday, reaching $20.51. The company had a trading volume of 241,223 shares, compared to its average volume of 286,140. Propel has a twelve month low of $17.24 and a twelve month high of $39.15. The company's 50-day moving average is $20.16 and its 200-day moving average is $22.83. The company has a market capitalization of $807.34 million, a P/E ratio of 14.55 and a beta of 0.57.

About Propel

Propel Holdings Inc is a financial technology company committed to credit inclusion and helping underserved consumers by providing fair, fast, and transparent access to credit. It operates through its two brands: MoneyKey and CreditFresh. The company, through its MoneyKey brand, is a state-licensed direct lender and offers either Installment Loans or Lines of Credit to new customers in several US states. Through its CreditFresh brand, the company operates as a bank servicer that provides marketing, technology, and loan servicing services to unaffiliated, FDIC insured, state-chartered banks in the US (Bank Program).

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