Market Overview

UPDATE: Piper Jaffray Initiates Altisource Residential with Overweight on Low-Cost Integrated Model

Related RESI
Benzinga's Top Upgrades, Downgrades For January 30, 2018
Benzinga's Top Upgrades, Downgrades For February 27, 2017

In a report published Monday, Piper Jaffray analyst Michael J. Grondahl initiated coverage on Altisource Residential Corp. (NYSE: RESI) with an Overweight rating and $24.00 price target.

In the report, Grondahl noted, “We believe RESI represents a unique and efficient low cost model to play the current housing dislocation as many non-performing loans (NPLs) get sold by large banks. RESI will purchase NPLs and outsource servicing to Ocwen Financial (OCN), with workout processing and repositioning outsourced to Altisource Portfolio Solutions (ASPS). By leveraging OCN and ASPS, RESI can establish a national business and not be limited to a geography or carry extensive infrastructure. RESI will ultimately own a portfolio of single family rental properties. In our view, RESI's low cost integrated model will position it for growth to generate an attractive and growing dividend.”

Altisource Residential Corp. closed on Friday at $18.68.

Latest Ratings for RESI

Jan 2018JMP SecuritiesUpgradesMarket PerformMarket Outperform
Feb 2017Credit SuisseInitiates Coverage OnOutperform
Nov 2016JP MorganMaintainsNeutral

View More Analyst Ratings for RESI
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Initiation Analyst Ratings


Related Articles (RESI)

View Comments and Join the Discussion!