June 24, 2019 / 8:05 AM / 23 days ago

BUZZ-Provident Financial: Slips as Jefferies cuts PT

** Shares of Provident Financial down 0.37% after Jefferies cuts price target

** “PFG has survived the NSF offer but while the passage of the offer, the FY19 results and the Q1 update might make one expect the chance for a re-set, we find little has changed” - Jefferies

** Brokerage says Vanquis is growing client numbers, but at lower average loan size; CCD remains on a slow recovery path; Moneybarn is doing fine but at a higher interest cost

** Brokerage cuts price target to 430 pence from 566 pence; maintains “hold” rating; sees 2019 NAV/share of 241p

** Stock down 27.8% YTD

Reporting by Samantha Machado in Bengaluru

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