UPDATE: Piper Jaffray Raises PT to $21 on Ocwen Financial

Piper Jaffray reiterates its Overweight rating on Ocwen Financial OCN and raises its price target from $18.50 to $21 on as it believes the company's outlook should see valuation multiples expand. Piper Jaffray comments, "We believe OCN's outlook continues to improve for two reasons: 1) the recent HLSS transaction will facilitate OCN's transition from a capital-intensive to a capital-light model; and 2) its $300B pipeline points to numerous growth opportunities. We believe these are significant for OCN, and as such, we are raising our price target to $21. Our $21 price target is based on 14x our 2012 core EPS of $1.51." OCN closed at $15.15 a share on Friday.