Dave Can Profit From Small-Balance Accounts, Analyst Sees Dave As A Breath Of Fresh Air For Average Banking Consumers

Canaccord Genuity analyst Joseph Vafi initiated coverage on Dave Inc (NASDAQ:DAVE) with a Buy rating and a price forecast of $120. The analyst said that Dave offers a refreshing alternative for consumers in search of a bank account and cited a 2023 FDIC survey, which revealed about 14-15% of Americans are considered underbanked. However, being underbanked doesn’t necessarily correlate with low income. In fact, the same survey showed that over 34% of households earning more than $75K were still c