0920 ET - Online bank Dave's prospects for sustained, profitable growth merits a higher multiple than investors have afforded it to this point, says Benchmark's Mark Palmer in a research note. The Los Angeles company rallied last year after improving its operating performance, but still continues to trade at a sizable discount to peers including Affirm Holdings, says the analyst. Palmer believes Dave has a long runway for growth, particularly as the primary source of growth in recent quarters has been existing customers returning for multiple loans rather than new customers coming to the platform. Shares tick up 2.3% to $120.04 in premarket trading, on pace for its highest close since May 2022. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
February 18, 2025 09:20 ET (14:20 GMT)
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