Nelnet Reports Upside In 3Q

Keefe Bruyette & Woods has published a research report on Nelnet, Inc. NNI following 3Q estimates that came in with an upside. In the report, KBW writes "The difference between reported and operating results was due to a gain on the repurchase of debt and income related to rehabilitation collections on defaulted loans which we exclude from operating EPS. Operating EPS were higher than our estimate primarily due to higher fee-based revenues and lower operating expenses than we had forecast." Keefe Bruyette & Woods maintains its Market Perform rating and $26 price target. Nelnet closed yesterday at $23.38.