UPDATE: Sterne Agee Downgrades Nationstar Mortgage Following 3Q13 Results Review

In a report published Friday, Sterne Agee analyst Henry J. Coffey Jr. downgraded the rating on Nationstar Mortgage NSM from Buy to Neutral, and lowered the price target from $60.00 to $45.00. In the report, Sterne Agee noted, “We are lowering our 2013 and 2014 EPS estimates and price target following a review of NSM's 3Q13 results, the news that the company will be selling its wholesale-distributed retail origination channel, and its lowered 2014 guidance. We are lowering our price target from $60 to $45 and reducing the rating from Buy to Neutral.” Nationstar Mortgage closed on Thursday at $40.75.