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.
Latest Ratings for OCN
|Aug 2014||Oppenheimer||Downgrades||Outperform||Market Perform|
|Aug 2014||Compass Point||Downgrades||Buy||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.