Dave stock price target raised to $300 from $280 at Citizens JMP

Investing.com - Citizens JMP raised its price target on Dave Inc (NASDAQ:DAVE) to $300 from $280 while maintaining a Market Outperform rating. The company, which has seen its stock surge over 450% in the past year according to InvestingPro data, continues to demonstrate strong momentum with a "GREAT" overall financial health score.

The firm cited Dave’s strong earnings revisions that have outpaced the stock’s recent performance, noting the company still trades at an enterprise value to 2026 estimated adjusted EBITDA multiple of approximately 13.5x. This outlook is supported by impressive revenue growth of 48% and a healthy gross profit margin of 67% in the last twelve months.

Citizens JMP increased its 2025 adjusted EBITDA estimate to $190 million from $185 million and its 2026 estimate to $233 million from $219 million, positioning its forecast about 6% above consensus for 2026.

The firm highlighted Dave’s projected growth trajectory, with estimated EBITDA growth of 118% in 2025 and 23% in 2026, which it believes can support a multiple "at least in the mid-to-upper teens."

For comparison, Citizens JMP noted that Dave’s closest public competitor, Chime (CHYM), currently trades at approximately 28x 2026 estimated EBITDA, suggesting potential valuation upside for Dave shares.

In other recent news, Dave Inc. reported second-quarter 2025 results that exceeded expectations, leading the company to raise its full-year guidance. Freedom Capital Markets responded by increasing its price target for Dave to $280, maintaining a Buy rating. Additionally, Benchmark reiterated its Buy rating with a $320 price target, emphasizing that Dave’s margins remain unaffected by JPMorgan Chase’s new data aggregator charging policy.

In a strategic move, Dave announced the full implementation of CashAI v5.5, an upgraded version of its cash flow underwriting engine, enhancing credit access and performance. The company has also increased its share repurchase authorization to $125 million, replacing the previous $50 million authorization. Since the second-quarter earnings report, Dave has deployed approximately $25 million for stock repurchases.

Year-to-date, the company has invested over $45 million in share repurchases and RSU net settlements. These developments reflect Dave’s ongoing efforts to strengthen its financial position and product offerings.

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