Robertson Stephens Cuts Providian to Long Term Attractive

Analyst drops his buy rating, citing a combination of rising delinquencies, net chargeoffs and appreciated valuation and that Fed's rate cut is not a direct benefit to credit card company

Roberston Stephens cut its investment rating on credit card company Providian (PVN ) to long term attractive from buy, citing a combination of rising delinquencies, net chargeoffs and appreciated valuation. The stock was down 2-7/8, at 51-3/4.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.