UPDATE: J.P. Morgan Upgrades Green Dot Following Solid 3Q Results, Recent Share Weakness

In a report published Friday, J.P. Morgan analyst Tien-tsin Huang upgraded the rating on Green Dot (NYSE: GDOT) from Neutral to Overweight, and raised the price target from $26.00 to $27.00.

In the report, J.P. Morgan noted, “We're taking up our price target modestly to $27 (from $26) and upgrading Green Dot stock to Overweight. Recent share weakness (down 18% in October vs. S&P500 up 4%) coupled with solid 3Q results give us enough reason to adopt our positive case as our investment thesis – that GDOT can accelerate profitable growth in the face of rising competition and be a prime beneficiary of strong secular growth in prepaid and financial inclusion.”

Green Dot closed on Thursday at $21.59.