Dave Inc (DAVE) PT Raised to $365 at Citizens After Q1 Beat and Raise

Citizens analyst Devin Ryan raised the price target on Dave Inc (NASDAQ: DAVE) to $365.00 (from $335.00) while maintaining a Market Outperform rating.

The analyst commented, "Dave delivered another strong 'beat-and-raise' quarter, with the business continuing to execute, while several incremental growth levers remain early and largely outside the current outlook; reiterate our Market Outperform rating and increase our price target to $365 from $335. This evening, Dave reported 1Q26 revenue of $158M (+47% YoY), above our estimate of $153M and consensus of $151M, driven by continued momentum in Service-based Revenue of $148M (+51% YoY and 5% above our model). Operating expenses were $99M (+36% YoY), below our estimate of $103M, while adjusted EBITDA was $69M (+57% YoY), above our estimate of $60M (+16%) and consensus of $58M (+19%), resulting in an adjusted EBITDA margin of 43.8% (+285 bps YoY). Adjusted EPS was $3.63, above our estimate of $3.04 and consensus of $3.06. Importantly, while the headline beat was meaningful, we think the bigger message is that Dave continues to prove out a durable growth algorithm, scaling MTMs, expanding ARPU, improving monetization, controlling credit, and generating significant profitability, while still having multiple under-modeled levers ahead with CashAI v6.0, pricing optimization, Second Draw, Dave Flex, the Coastal funding transition, and additional capital return."

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