GreenSky LLC (NASDAQ: GSKY) stock has different analysts’ view. Sandler O’Neill’s Christopher Donat initiated coverage of GreenSky with a Hold and $26 price target. According to Sandler O’Neill, the deterioration in the consumer credit cycle is not expected in the coming years, but the risk to the company’s earnings from any hypothetical credit-related development would be “material” and shouldn’t be ignored by investors. The company itself acknowledges that a 100-basis point increase in portfolio credit losses would increase its cost of revenue by $37.7 million in 2017. In an adverse credit environment, incentive payments from bank partners would decrease. GreenSky’s stock is trading at 19.2x on 2019 estimated EV/EBITDA, which is an “appropriate” 1.5x-turn discount to the median payment networks due to “small risks” from potential credit and liquidity concerns.

Morgan Stanley’s James Faucette has initiated with an Overweight and $28 price target. As per Faucette, GreenSky boasts a “highly efficient” app and system that can conduct transactions within seconds. Encouragingly, the company’s penetrable addressable market size within consumer spending is $156 billion versus its current penetration of $4 billion. As per the analyst, GreenSky also benefits from high barriers for competing platforms and a first or early mover advantage. The company does not carry much credit risk on its balance sheet, as that part of the business is assumed by bank partners. According to Morgan Stanley, GreenSky should be able to grow its revenue by 33 percent in 2018, 31 percent in 2019, and 25 percent in 2020. EBITDA margins should grow from 44 percent this year and move slightly higher over the near-term to 45 percent, driving earnings per share growth in the high-20-percent level.

Credit Suisse’s Paul Condra initiated with an Outperform and $29 price target. As per Condra, small and mid-sized banks continue to “fall further behind” in the fintech space, which implies the group is more likely to seek out partnerships with fintech innovators like GreenSky. Banks would benefit from a very low-cost customer acquisition channel, and at the same time consumers take advantage of a “low-hassle” financing platform at attractive rates.

Meanwhile, GreenSky LLC had made its market debut with shares rising slightly above the initial public offering price. GreenSky’s 2017 revenue jumped 23.5 percent year-over-year to $325.9 million, while profit rose 11.4 percent to $138.7 million as transaction volumes surged 31 percent