UPDATE: Bank of America Reiterates Buy Rating, Lowers PT on Ocwen Financial Corp. on Near-Term Overhang

In a report published Tuesday, Bank of America analyst Kenneth Bruce reiterated a Buy rating on

, but lowered the price target from $68.00 to $57.00. In the report, Bank of America noted, “OCN is a leading independent mortgage servicer specializing in distressed loans. We think it is well positioned to capitalize on trends within the servicing arena as the industry digests a backlog of distressed loans generated at the peak of the real estate cycle and transitions to a less bank-centric structure. Investors could also benefit from a potential transformation to a less capital-intense servicer model.” Ocwen Financial Corp. closed on Monday at $36.75.