BUZZ-Pagaya jumps after Citi Research upgrades to 'buy'

Shares of financial technology company Pagaya Technologies PGY.O jump as much as 16.4%; last up 12.7% at $12.48

Citi Research upgrades PGY to "buy" from "neutral"; raises PT to $14.50 from $13, a 31% upside to stock's last close

Brokerage says the stock has been held back owing to recent markdowns on PGY's 2023 loans and expects a final ~$60 million impairment in Q4

Citi thinks the narrative around PGY improves in 2025 towards a focus on network partner expansion and rising personal loan demand

Meanwhile, PGY on Thursday unveiled a tieup with alternative asset manager Blue Owl OWL.N, which will buy as much as $2.4 billion of consumer loans through firm's network over a 24-month period

Eight of nine brokerages rate the stock "buy" or higher and one "hold"; their median PT is $21 — LSEG

PGY stock slumped 43.9% in 2024