UPDATE: Morgan Stanley Reiterates On PHH As Fleet Sale Is Complete

In a report published Tuesday, Morgan Stanley analyst Cheryl M. Pate reiterated an Equal-Weight rating on

, but removed the $24.00 price target. In the report, Morgan Stanley noted, “The $450m in buyback authority, with $200m accelerated following 2Q earnings, is faster and slightly more than double our current forecast ($220m from 4Q14 through YE15). We assume the accelerated buybacks will take place in 3Q14 and the remaining $250m will be done evenly over the next four quarters (beginning 4Q14). Under these assumptions, we believe the higher-than-forecast buybacks are accretable to our TBV estimate. We expect the stock will begin to re-rate up with clarity on excess cash usage.” PHH closed on Monday at $23.28.