CoreCard stock dips after report that Goldman is close to selling Apple Card [Seeking Alpha]
CoreCard Corporation (CCRD)
Company Research
Source: Seeking Alpha
Riley Securities downgraded the stock to Neutral from Buy as its largest client, Goldman Sachs ( NYSE: GS ), is reportedly in talks to sell its Apple Card account to a new bank partner. Goldman Sachs accounted for 62% of its business in Q2 2024, B. Riley analyst Hal Goetsch said in a note to clients. According to a trade press report, Goldman is in advanced talks to sell the Apple Card account to JPMorgan Chase. "We believe JP Morgan has substantial processing assets for credit cards and may take these services in-house," Goetsch said. "While the company has approximately one year left on its contract with Goldman, a purchase agreement to buy the portfolio by any bank could put a renewal of the CCRD contract in doubt." Its business other than Goldman ( GS ) is growing nicely, the analyst said, but loss of the Apple Card business would be a "steep step back in earnings power." The Neutral rating aligns with the SA Quant rating of Hold. More on CoreCard Rebooting CoreCard
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CCRD
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- CoreCard Corporation's (NYSE:CCRD) Sole Analyst Just Made A Captivating Upgrade To Their Forecasts [Yahoo! Finance]Yahoo! Finance
- Here're Some Updates on CoreCard Corporation (CCRD) [Yahoo! Finance]Yahoo! Finance
CCRD
Earnings
- 10/31/24 - Beat
CCRD
Sec Filings
- 11/21/24 - Form 4
- 11/8/24 - Form 4
- 11/5/24 - Form 4
- CCRD's page on the SEC website