Lending Club downgraded by several analysts after CEO resignation

Shares of Lending Club plunged 23% Monday morning after several analyst downgrades on news that the peer-to-peer lender's chief executive, Renaud Laplache, was resigning due to problems with a loan sale to a single investor. Stifel analysts downgraded Lending Club to hold from buy saying "our faith and trust is shaken by the events announced this morning" and that they await more company guidance. Sterne Agee analysts downgraded Lending Club to underperform from neutral and cut the price target to $5 from $8, but said their concern lies with the ability of the company to obtain future......(read more)

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