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JMP: Oportun has multiple avenues to grow market share

JMP Securities said there are multiple avenues for Oportun Financial Corp. to grow its market share of less than 1%.

The investment bank was a co-manager in the specialty lender's IPO.

JMP analysts David Scharf and Jeff Zhang said primary growth drivers include ongoing demographic expansion beyond Hispanic borrowers, geographical expansion, marketing channel expansion, and new auto and credit card products. The analysts also noted Oportun uses various alternative data sources to extend "attractively priced financing" to borrowers with limited or no credit history through a fully automated underwriting platform.

Scharf and Zhang said the company's use of alternative data enables it to serve customers with stable loss rates at pricing compared with companies such as OneMain Financial Inc. and Regional Management Corp. They also noted that since 2016, Oportun's loan portfolio and revenue have grown at a compound annual growth rate of 26% and 34%, respectively.

JMP initiated Oportun at "market outperform" and set a price target of $20. Jefferies and BTIG also have bullish sentiments on the company, with both firms initiating coverage of Oportun at "buy" and setting a price target of $19.