2Q26 Specialty Fins Preview: Supportive Trends Overall; Upgrade PRG to Buy

研报英文原文证据摘录

2Q26 Specialty Fins Preview: Supportive Trends Overall; Upgrade PRG to Buy

USA | Consumer Finance EquityJulyResearch8, 2026

KEY STOCKS FEATURED INCLUDE:2Q26 Specialty Fins Preview: Supportive Trends

TICKER RATING PRICE TARGETOverall; Upgrade PRG to Buy

ATLC BUY $115.00

We expect a constructive 2Q w/ a combination of both strong demand for ENVA BUY $280.00

credit along with stable credit trends This is consistent with our observations EZPW BUY $45.00

from our latest consumer conference (details here). Investor focus will be on JCAP BUY $29.00

strategic initiatives updates such as bank charter apps, new product segment OMF BUY $85.00

and acquisitions. High fuel prices support loan demand. We upgrade PRG to a

Buy. Other picks are ATLC, ENVA, JCAP and OMF.

For 2Q26, we expect nonprime consumer lenders to report generally stable credit performance, KEY CHANGES INCLUDE:

supported by resilient employment trends, wage growth, and strong demand for credit buoyed TICKER RATING PRICE TARGET

in part by elevated gas prices. Credit trends remain largely within expectations based on the trust

ATLC BUY $115.00 ($100.00)

and industry data, with improving or stable DQs at ENVA and OPRT; while OMF and RM continue to

manage through modest portfolio seasoning and mix-related pressure. We expect managements ENVA BUY $280.00 ($260.00)

to focus on the sustainability of credit improvement, loan growth opportunities, funding advantages EZPW BUY $45.00 ($40.00)

from bank-charter initiatives, and strategic execution. Key areas include OMF's ongoing industrial

bank charter application, ENVA's pending acquisition of Grasshopper Bank and associated funding

benefits, OPRT's continued credit normalization and leadership transition, and RM's branch and Exhibit 1 - PRG SOTP

digital expansion strategy.