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UPDATE: Bank Of America Reiterates On Ocwen Financial On Strong Underpinnings, Despite Regulatory Friction

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In a report published Thursday, Bank of America analyst Kenneth Bruce reiterated a Buy rating on Ocwen Financial (NYSE: OCN), but lowered the price target from $57.00 to $54.00.

In the report, Bank of America noted, “Recent investor meetings with Ocwen Financial give us increased confidence that OCN's value proposition remains compelling and the poor sentiment weighing on the stock will reverse as regulatory visibility improves. Legacy servicers remain willing sellers of non-core assets and inflated compliance costs for the industry likely leave OCN as an advantaged acquirer.

"We expect additional earnings leverage as OCN rotates toward organic growth through originations and new business that play to its operating strengths. In the absence of near-term growth, we suspect buybacks will accelerate, demonstrating OCN's commitment to shareholder friendly initiatives. Negative regulatory headlines persist, though remain encouraged that a favorable resolution can prevail over an intermediate term horizon.”

Ocwen Financial closed on Wednesday at $34.61.

Latest Ratings for OCN

DateFirmActionFromTo
Nov 2018Initiates Coverage OnNeutral
Apr 2017UpgradesNeutralBuy
Jan 2017DowngradesBuyNeutral

View More Analyst Ratings for OCN
View the Latest Analyst Ratings

Posted-In: Bank of America Kenneth BruceAnalyst Color Price Target Analyst Ratings

 

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