UPDATE: Morgan Stanley Initiates Walter Investment Management at Overweight, 'Ramping Growth, Leveraged to Rising Rates'

In a report published on Wednesday, Morgan Stanley analyst Cheryl M. Pate initiated Walter Investment Management WAC at Overweight and set a $43 price target.

In the report, Morgan Stanley stated, "WAC is a growth story with a servicing portfolio positively leveraged to rising rates. Growth drivers: capitalizing on the HARP opportunity, growing origination share, and the reverse mortgage business."

Walter Investment Management closed on Tuesday at $31.77.