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Analyst Sees Less Competition in Debt Purchasing Market
May 31, 2007
The upgrade seems to be entirely based on the idea that PRAA’s potential is improved by an easing off of competitors – a position that appears to be counter to what other experts in the debt purchasing market have been saying for years now.
According to a JMP Securities analyst, thanks to better pricing and less competition, he has upgraded debt purchaser Portfolio Recovery Associates from “Market Outperform” to “Strong Buy.”
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The analyst, David M. Scharf, raised his price target to $66 from $64. The shares closed Tuesday at $55.19, a 20 percent discount to his price target.
The upgrade seems to be entirely based on the idea that PRAA’s potential is improved by an easing off of competitors – a position that appears to be counter to what other experts in the debt purchasing market have been saying for years now.
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