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Pagaya stock climbs after Jefferies starts coverage with Buy rating

Pagaya Technologies stock gapped up 17.3% in Thursday morning trading after Jefferies initiated coverage on the Israeli fintech company with a Buy rating, as its "powerful network effect and product flywheel have positioned the company for ongoing success." The company is set to capture more market share through " increased penetration of current clients, ongoing additions of lending platforms, continued market share aggregation, and increased conversion rates," analyst John Hecht wrote in a note. Based on 2022 markets sizes, he noted, Pagaya captures less than 1% of the total addressable market for personal, auto, credit card and single-family rental markets. Hecht's Buy rating diverges from the SA Quant system rating of Hold and agrees with the average sell-side analyst rating of Buy. More on Pagaya Technologies Pagaya's 2024 Outlook: Stability And Mid-20s% CAGR Expected Pagaya Technologies: Facing A Promising 2024 Pagaya Technologies: Huge Upside Potential For This AI Stock
Pagaya stock climbs after Jefferies starts coverage with Buy rating

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