Goldman Sachs analyst Mike Ng has reiterated their bullish stance on BLND stock, giving a Buy rating on April 29.
Mike Ng has given his Buy rating due to a combination of factors that suggest Blend Labs is on a stable financial trajectory and is expected to benefit from future market conditions. The company’s first-quarter results were consistent with expectations, showing that the company is managing its finances in line with forecasts. The reported EBIT loss was anticipated and reflects a controlled financial environment. Furthermore, Blend Lab’s gross profit aligns with the consensus, which reinforces confidence in the company’s operational performance.
The analyst’s optimism is further supported by Blend Labs’ operational expenses, which were as predicted, and the company’s reaffirmation of its goal to reach EBIT profitability by the end of the fourth quarter in 2024. This indicates a clear path to profitability and prudent financial management. Additionally, despite the current uncertainties in the housing market, Blend Labs has maintained its market share, which suggests resilience and potential for growth when the market recovers. Mike Ng believes that the risk/reward balance tips favorably towards reward, especially as Blend Labs stands to gain from an upswing in the US housing market cycle.
In another report released on April 29, Wells Fargo also maintained a Buy rating on the stock with a $3.50 price target.
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Blend Labs (BLND) Company Description:
Blend Labs Inc is a cloud based platform. It supports and simplifies applications for mortgages, consumer loans, and deposit accounts.
