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Guggenheim upgrades Green Dot's stock rating to 'buy'

Guggenheim Securities LLC upgraded its rating for Green Dot Corp. to "buy," believing the financial technology firm's shares are now undervalued given the high level of consumer interest in Apple Card, which the company is linked to, and the healthy initial interest in Green Dot's new Unlimited Cash Back Bank Account platform.

In an Aug. 9 research report, Jeff Cantwell, an analyst for Guggenheim, wrote that Guggenheim's review of SimilarWeb data indicates that Green Dot's newly launched Unlimited platform is off to a healthy start, with page views up 32% on July 31, the day after its launch, compared to the prior 30-day average for its web page.

Cantwell said Green Dot's relationship with Apple Card, a co-branded credit card recently launched by Apple Inc. and Goldman Sachs Group Inc. could eventually produce a nice "revenue tailwind" for the company if the uptake and usage of Apple Card by consumers is meaningful, which he believes is likely.