KBW Comments on Ocwen Financial's Q4 10 Earnings (OCN)

KBW is out with its report today on Ocwen Financial

, commenting on its Q4 10 earnings. In a note to clients, KBW writes, "Operating EPS of $0.21 was down from $0.23 in 3Q. Management highlighted the opportunity for flow business and the creation of a new company that should allow Ocwen to operate with far less capital, which we believe would be a positive for Ocwen. We reduce our 2011 EPS estimate to $1.28 and introduce our 2012 EPS estimate of $1.44. Maintain OP." KBW has a $13 PT on OCN. Shares of OCN closed Friday at $10.79.