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Craig-Hallum initiates Mogo Finance at 'buy'

Bradley Berning of Craig-Hallum Capital Group LLC is now covering Mogo Finance Technology Inc.'s stock. He gave it a "buy" rating and set the price target at C$7.

The analyst expects Mogo Finance to report an adjusted loss per share of 83 Canadian cents for 2018, and an adjusted loss per share of 78 cents for 2019.

The analyst wrote that Mogo Finance offers a unique "Digital Finance Platform," an all-in-one cloud-based application that combines credit score monitoring, identity fraud, spending control, automated saving and investing, obtaining a mortgage and access to customer credit. "It's been a huge growth driver and the basis for why we like the stock," wrote the analyst.

For context, the analyst wrote that Canada is significantly behind the rest of the world on fintech adoption with only 18% of Canadians having used two fintech products in the last six months, about half as many as the global average. However, increasing population of millennials is now demanding engaging digital financial solutions, Berning added.