B. Riley Securities Reaffirms Buy Rating for Atlanticus Holdings and Increases Price Target to $90
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- Successful Refinancing: On December 4, 2025, Atlanticus successfully refinanced $750 million in term securitization, with the new bonds having a three-year term and more favorable structural elements, achieving an immediate reduction of over 200 basis points in the coupon rate, significantly lowering financing costs and enhancing financial flexibility.
- Investor Support: CEO Jeff Howard noted that the continued support from global investors in their securitization programs was crucial to this refinancing success, indicating strong market confidence in Atlanticus and its Mercury subsidiaries, further driving brand expansion.
- Integration Progress: Atlanticus is ahead of plan in its integration efforts between Atlanticus and Mercury, with focused teamwork laying a solid foundation for future success, which is expected to continue driving business growth.
- Long-term Strategic Goals: This refinancing not only reduces costs but also establishes a foundation for Atlanticus to achieve broader financial service coverage in 2026 and beyond, aiming to empower more everyday Americans and improve their financial outcomes.

Earnings Performance: Atlanticus Holdings Corporation reported a third-quarter profit of $22.67 million, down from $23.22 million the previous year, resulting in earnings per share of $1.21 compared to $1.27 last year.
Analyst Expectations: The company's earnings fell short of analysts' expectations, which had forecasted earnings of $1.79 per share, typically excluding special items.
Revenue Growth: Despite the drop in earnings, Atlanticus Holdings saw a significant revenue increase of 40.8%, rising to $494.67 million from $351.22 million in the same quarter last year.
Earnings Summary: Key financial figures for Atlanticus Holdings include earnings of $22.67 million, EPS of $1.21, and revenue of $494.67 million, reflecting both a decline in earnings and substantial revenue growth.
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Analyst Downgrades: Citigroup downgraded Prosperity Bancshares from Buy to Neutral, lowering its price target from $78 to $68, while B of A Securities downgraded New Mountain Finance from Buy to Underperform, reducing its target from $11.75 to $10.
Analyst Upgrades: National Bank Financial upgraded Open Text Corporation from Sector Perform to Outperform, raising its price target from $34 to $45, and Loop Capital upgraded Upbound Group from Hold to Buy, increasing its target from $21 to $36.
Price Target Increases: BTIG raised the price target for AppLovin Corporation from $547 to $664 while maintaining a Buy rating, and Needham increased Reddit's target from $215 to $300, also keeping a Buy rating.
Mixed Market Reactions: Various companies saw fluctuations in their stock prices, with Union Pacific Corporation's target raised slightly by Citigroup, while other stocks like CNX Resources and Prosperity Bancshares experienced target cuts.

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