Pagaya Technologies: The Business Is Getting Better Even As My Price Target Falls

The Curious Analyst 5.2K Followers Follow Summary I'm reiterating Pagaya Technologies as a Strong Buy, with the price target adjusted to $67 due to higher share count and net debt. Q2 2026 results validate PGY's AI-driven lending platform, showing 33% network volume growth, 43% adjusted EBITDA growth, and expanding operating leverage. Core operating expenses declined 6% while network volume surged, driving adjusted EBITDA margin to 32% and reinforcing confidence in scalable profitability. Key risks include retained credit exposure and FRLPC margin compression, but the current 15x FWD EV/EBITDA multiple is maintained given robust operating performance. Peter Hansen/iStock via Getty Images Investment Thesis I am reiterating my Strong Buy rating on Pagaya Technologies ( PGY ) following the company's Q2 2026 earnings results . However, I am reducing my price target from $74 to $67 per share. And I want This article was written by The Curious Analyst 5.2K Followers Follow My background is in Financial Engineering and I have long since been interested in analyzing strong solid companies with a rare financial Profile. My primary area of specialization is in quantamental analysis, where I use a combination of data driven models and fundamental research. My approach is centered on a structured process that combines top-down screening with bottom-up company specific analysis .I write on to share ideas with a wider audience and also learn more about companies and other analysts. My goal is to make unique ideas & research accessible to retail and professional investors alike, while maintaining analytical depth and a clear investment thesis.Associated with another author Kennedy Njagi Analyst’s Disclosure: I/we have a beneficial long position in the shares of PGY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.