Santander Consumer USA Holdings Inc. Announces Filing of Form 10-K
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Compass Point Remains Sidelined Following Santander Consumer USA's (SC) 10-K
April 1, 2016 9:31 AM EDTCompass Point maintained a Neutral rating on Santander Consumer USA Holdings Inc. (NYSE: SC), and cut the price target to $12.00 (from $13.00), following the company's 10-K filing. The majority of SC's restatements reflect a change in reserve methodology whereby reserves for TDRs and other receivables are determined separately, differing from a prior top down approach to the aggregate credit portfolio. Based on amended disclosures, SC also disclosed that the dollar amount of troubled debt restructurings increased by 13.8% in 2015. Given the shifting mix of assets to a lower FICO borrower, Compass Point would... More
