UPDATE: Jefferies Initiates Ocwen Financial at Buy on Best Market Position

In a report published Friday, Jefferies analyst Daniel Furtado initiated coverage on Ocwen Financial OCN with a Buy rating and $50.00 price target.

In the report, Jefferies noted, “We are initiating on OCN with a Buy rating and a $50PT. OCN is a top specialty servicer with a 70% cost advantage versus peers, giving it scale to acquire additional servicing UPB as banks continue to exit the business. Further, OCN recently boarded roughly $190B in GSE servicing, with income from HARP refi's expected rise in the coming months, even as margins are likely to come in.”

Ocwen Financial closed on Thursday at $42.47.