UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PO on Ocwen Financial Corporation

In a report published Friday, Bank of America Merrill Lynch reiterated its Buy rating on Ocwen Financial Corporation OCN, and raised its price objective from $32.00 to $43.00. BofA Merrill Lynch noted, “OCN is a leading independent mortgage servicer specializing in distressed loans. We think it is well positioned to capitalize on trends within the servicing arena as the industry digests a backlog of distressed loans generated at the peak of the real estate cycle and transitions to a less bank-centric structure. Investors could also benefit from a potential transformation to a less capital-intense servicer model.” Ocwen Financial Corporation closed on Thursday at $37.04.