- Better reflecting the company's earnings power given the slowdown in auto loan origination growth, BITG's Mark Palmer cuts his price target for Santander (MC:SAN) Consumer (NYSE:SC) to $17 from $21, though reiterating a Buy recommendation. Friday's close was $13.28.
- Last week's quarterly results were encouraging, says Palmer, with lower-than-expected provisions and lower operating costs more than offset the impact of sluggish revenues.
- "We believe SC’s disciplined approach toward loan growth reflects appropriate prudence, particularly given the persistently competitive environment for subprime auto lending and ongoing concerns about the health of the consumer and the potential for wholesale credit deterioration."
- The $17 price target is based on expected fiscal 18 EPS of $2.47. The 2017E is cut to $2.34 from $2.59.
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BTIG cuts PT on Santander Consumer, but remains bullish
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