** Dave DAVE.O shares up 2% premarket to $233 after UBS initiates with 'buy' rating, pointing to neobank's strong growth and profitability

** Brokerage sets PT at $300, implying about 32% upside to stock's last close

** UBS says in note that the market underestimates the durability of DAVE's "high velocity credit model" and earnings growth trajectory, adding it believes mid-teens members growth and mid-20s% rev and gross profit growth are achievable in the medium term

** Confidence further boosted by co's "durable CashAI-driven strength" in underwriting external accounts and incremental upside from Dave Flex, UBS says

** Recently unveiled pay-in-4 credit card, Dave Flex, which would allow members to split monthly purchases into four paycheck-aligned installments, entered limited beta testing in Apr

** All 11 brokerages rate DAVE stock "strong buy" or "buy" and their median PT is $341, per LSEG data

** Through last close on Fri, stock rallied 31% QTD putting it up 3% YTD