Market Overview

UPDATE: Morgan Stanley Reiterates On PHH Following Fleet Sale Announcement

Share:

In a report published Tuesday, Morgan Stanley analyst Cheryl M. Pate reiterated an Equal-Weight rating on PHH (NYSE: PHH), but removed the $23.00 price target.

In the report, Morgan Stanley noted, “The announced sale of the fleet management business adds in excess of $4/share at the mid-point of the company's expected after-tax gain range of $250M - $300M (to $33.06 on proforma stated book basis, or $28.31 on a fully diluted basis) and increases PHH's excess cash position to north of $1B, by our estimates. Net proceeds are expected to be used to return capital, reduce debt levels and support the growth of the remaining mortgage business, which could add additional upside to valuation.”

PHH closed on Monday at $25.25.

Latest Ratings for PHH

DateFirmActionFromTo
Jun 2017DowngradesOutperformNeutral
Mar 2017UpgradesNeutralOutperform
Oct 2016Initiates Coverage OnNeutral

View More Analyst Ratings for PHH
View the Latest Analyst Ratings

Posted-In: Cheryl M. Pate Morgan StanleyAnalyst Color Price Target Analyst Ratings

 

Related Articles (PHH)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
MJP MorganMaintains13.0
IPARDA DavidsonMaintains76.0
BSBRUBSUpgrades
TGTMorgan StanleyMaintains130.0
VCMorgan StanleyMaintains52.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

UPDATE: Morgan Stanley Reiterates On Embraer SA On Potential E-jet Orders From TAM

Survey: Who Will Win The Hillshire Bidding War?