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UPDATE: Deutsche Bank Raises PT on Home Loan Servicing Solutions Following Secondary Offering

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In a report published Tuesday, Deutsche Bank analyst Stephen Laws reiterated a Buy rating on Home Loan Servicing Solutions (NASDAQ: HLSS), and raised the price target from $25.75 to $27.50.

In the report, Deutsche Bank noted, “HLSS priced a secondary offering of 13 million shares, raising roughly $334 million in net proceeds assuming the 15% shoe is exercised. Additionally, the company expects to close a $350m senior secured term loan facility in June. We expect HLSS to purchase additional portfolio servicing assets from Ocwen using a combination of equity proceeds and the term loan facility, and we expect the portfolio growth to result in a dividend increase.”

Home Loan Servicing Solutions closed on Monday at $22.87.

Latest Ratings for HLSS

DateFirmActionFromTo
Feb 2015PiperJaffrayDowngradesOverweightNeutral
Feb 2015BarclaysDowngradesOverweightEqual-Weight
Feb 2015PiperJaffrayDowngradesOverweightNeutral

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Posted-In: Deutsche Bank Stephen LawsAnalyst Color Price Target Analyst Ratings

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