UPDATE: Bank of America Reiterates on Ocwen Financial on Near-Term Overhang
In a report published Tuesday, Bank of America analyst Kenneth Bruce reiterated a Buy rating on Ocwen Financial (NYSE: OCN), but lowered the price target from $68.00 to $57.00.
In the report, Bank of America 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 closed on Monday at $36.75.
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