In a note released Wednesday, Keefe, Bruyette & Woods upgraded shares of PHH Corporation PHH from Market Perform to Outperform and lowered the price target from $17 to $16.
The analysts at Keefe, Bruyette & Woods explained PHH is currently trading below its trough book value, as well as fully diluted tangible book value. Based on this and the company's plan to initiate a $250 million regular share repurchase plan, the analyst feel there is limited downside risk at the current price.
Shares of PHH are trading relatively steady in the early hours of Wednesday's market session.
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