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KBW downgrades PRA Group, cuts EPS estimates

Keefe Bruyette & Woods analyst Bose George has downgraded PRA Group Inc. to "market perform" from "outperform" based on the stock's limited upside to the analyst's new price target.

George reduced his price target on PRA Group to $32 from $36 after trimming expectations for upcoming EPS results. The analyst said reduced fee income following the sale of PRA Location Services, higher interest expenses from the convertible debt issued in the second quarter and lower yields driven by the impact of the runoff of higher yielding older vintage receivables, would put a damper on future earnings.

The analyst lowered his EPS estimate to 24 cents from 38 cents for the third quarter, to $1.21 from $1.52 for full year 2017, to $1.56 from $2.24 for 2018 and to $2.02 from $2.65 for 2019.