UPDATE: Sterne Agee Upgrades Walter Investment Management to Buy Following Sell-Off

Sterne Agee upgraded Walter Investment Management

from Neutral to Buy and lowers the price target from $50.00 to $45.00. Sterne Agee analyst Henry J. Coffey noted, "The sell-off in the shares yesterday was clearly unwarranted and was in reaction to two issues of substance which came out of the company's 4Q12 call: 1) CPRs on the company's recently acquired servicing are expected to run closer to 25% and 2) EBITDA guidance for 2013 pointed to EPS below published consensus estimates. We are lowering our price target from $50 to $45 and increasing our rating from NEUTRAL to BUY." Walter Investment Management closed at $32.98 on Tuesday.