UPDATE: Credit Suisse Initiates Coverage on Santander Consumer USA on Market Leader Position

In a report published Tuesday, Credit Suisse analyst Moshe Orenbuch initiated coverage on Santander Consumer USA (NYSE: SC) with an Outperform rating and $29.00 price target.

In the report, Credit Suisse noted, “We are initiating coverage of Santander Consumer USA with an Outperform rating. Santander Consumer USA (SCUSA) is a leader in the subprime consumer finance industry that is using its differentiated servicing platform to expand into prime auto and its credit decisioning to expand into unsecured lending, giving it a far more diversified and robust offering.”

Santander Consumer USA closed on Monday at $25.90.