ORLANDO, Fla., Feb. 27, 2008 (PRIME NEWSWIRE) -- RedChip Independent, a division of RedChip Companies Inc., today announced it has issued a third quarter 2007 research update for Newtek Business Services, Inc. (Nasdaq:NEWT).
Suman Preet Kaur, MBS, RedChip Research Analyst, wrote in the report:
"Newtek has witnessed a pickup in its SBA lending in the last two quarters, and the Company plans to add United States Department of Agriculture guaranteed lending and to buy distressed assets. We believe NEWT's SBA lending will benefit from the current market environment as its competitors tighten their credit norms, pushing borrowers to NEWT. The Company also signed an agreement with Fiserv to utilize NEWT's full suite of services in the EPP segment, enabling the Company to roll-out what it trademarks as its virtual bank branch. We believe this contract will further bolster NEWT's EPP business as well as add to its segment revenues going forward. We continue to maintain our 'Buy' rating on the stock."
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Disclosure:
The views expressed in this report, (which includes the actual rating assigned to the company as well as the analytical substance and tone of the report), accurately reflect the personal views of the analyst(s) covering the subject securities. No part of the analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. The analyst(s) contributing to this report do not hold any share of the subject securities. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. As such, neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities ("related investments"). This publication was furnished on the condition that it will not form a primary basis for any investment decision. Each investor must make their own determination of the appropriateness of an investment in any securities referred to herein based on the legal, tax, and accounting considerations applicable to such investor and their own investment strategy. Any opinions expressed herein are subject to change. The subject security is not a client of RedChip Companies, Inc., or any of its affiliates.