UPDATE: KBW Raises PT on Ocwen Financial to $14

KBW is out with its report today on Ocwen Financial OCN, raising its PT to $14. In a note to clients, KBW writes, "We are increasing our 2012 EPS estimate to incorporate Ocwen's acquisition of the Litton portfolio. Our EPS estimate for 2012 increases to $1.75 from $1.44. We expect the transaction to close by the end of 3Q11. We are forecasting a $100 million charge related to the transaction so our GAAP earnings for the back half of 2011 is $0.09 versus operating earnings of $0.69. Raising PT." KBW maintains Outperform on OCN. Shares of OCN closed Monday at $12.45, up 4.10% from Friday's close.