LendingClub (LC) Stock Rising After Morgan Stanley Upgrade

NEW YORK (TheStreet) -- Shares of LendingClub Corp  (LC) are rising, up 1.42% to $17.87 in midday trading Wednesday, after the company was upgraded by analysts at Morgan Stanley to "overweight" from "equal weight" this morning.

The firm set a $23 price target, and cited LendingClub's recent selloff for the higher rating.

Morgan Stanley analysts said the company's recent competitive fears are overblown.

The firm believes the online peer-to-peer lender's long-term growth potential is underestimated.

Earlier this month, LendingClub raised its revenue forecast for the full year to between $385 million to $392 million, from its previous forecast of between $370 million to $380 million.

Analysts are expecting $379.4 million for the year.

About 2.55 million shares have exchanged hands as of 12:30 p.m. ET, compared to its average trading volume of about 2.58 million shares a day.

San Francisco-based LendingClub operates an online market that connects borrowers looking for loans with individuals with the money to fund them.

Its platform enables customers in investing in and obtaining personal loans by providing financial data and credit information.

LC ChartLC data by YCharts

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