Springleaf cut at BAML after big move

After missing the big move in subprime consumer lender Springleaf Holdings (LEAF -2.4%) since its IPO five months ago, BAML downgrades the stock from Hold to Underperform citing a stretched valuation and over-optimistic expectations.

The consumer finance sector has been a hot one, with IPOs from Springleaf, JGWPT Holdings (JGW -1%), and Santander Consumer (SC -2.4%) all coming in the past few months, and JGWPT joining Springleaf as being particularly strong performers, with both up about 50% since coming public.

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