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UPDATE: Morgan Stanley Reiterates On PHH As Fleet Sale Is Complete


In a report published Tuesday, Morgan Stanley analyst Cheryl M. Pate reiterated an Equal-Weight rating on PHH (NYSE: PHH), but removed the $24.00 price target.

In the report, Morgan Stanley noted, “The $450m in buyback authority, with $200m accelerated following 2Q earnings, is faster and slightly more than double our current forecast ($220m from 4Q14 through YE15). We assume the accelerated buybacks will take place in 3Q14 and the remaining $250m will be done evenly over the next four quarters (beginning 4Q14). Under these assumptions, we believe the higher-than-forecast buybacks are accretable to our TBV estimate. We expect the stock will begin to re-rate up with clarity on excess cash usage.”

PHH closed on Monday at $23.28.

Latest Ratings for PHH

Jun 2017DowngradesOutperformNeutral
Mar 2017UpgradesNeutralOutperform
Oct 2016Initiates Coverage OnNeutral

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


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