Zacks Investment Research upgraded shares of Navient Corporation (NAVI) from NEUTRAL to OUTPERFORM on December 31, 2014, with a target price of $24.50.
We are initiating our coverage on Navient with an Outperform recommendation. Navient started operating independently as a loan management, servicing and asset recovery company following the separation of SLM Corporation into two distinct publicly-traded entities in Apr 2014. The company's third-quarter 2014 earnings outpaced the Zacks Consensus Estimates. Results were aided by lower provisions for loan losses, partially offset by lower asset recovery revenue, reduced net interest income and higher expenses. Though we remain cautious owing to limited growth opportunities and the persistent low interest rate environment, we believe Navient will be able to maintain its leading position in the student lending market through its continued acquisition of federal and private student loans.
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