Ryan Nash Reiterates Sell on loanDepot, Maintains $2.10 Price Target Amid Ongoing Profitability Headwinds
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Goldman Sachs analyst Ryan Nash has reiterated a Sell rating on loanDepot, maintaining a price target of $2.10. The decision follows disappointing first-quarter results, with revenue impacted by a thinner gain-on-sale margin and rising prepayment costs. Additionally, management's guidance for the second quarter indicates lower origination volumes and increased expenses, leading to ongoing profitability challenges. Despite potential growth initiatives, Nash emphasizes the need for loanDepot to demonstrate sustainable profitability to justify its valuation.
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