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Piper Jaffray initiates coverage of OneMain Holdings


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Piper Jaffray initiates coverage of OneMain Holdings

Piper Jaffray analyst Kevin Barker initiated coverage of OneMain Holdings Inc. with an "overweight" rating and a price target of $37.

Barker expects the company's valuation gap to consumer lenders to narrow as more transparent and consistent GAAP earnings with purchase accounting accretion running off, lower merger expenses and potential sale of noncore assets develop over the next year.

The analyst expects the company's focus on its "more profitable" secured lending business to improve risk-adjusted returns in the medium to long term.

Barker introduced EPS predictions of $4.64 and $5.29 for 2018 and 2019, respectively.