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UPDATE: Keefe, Bruyette & Woods Upgrades PHH Corporation

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In a note released Wednesday, Keefe, Bruyette & Woods upgraded shares of PHH Corporation (NYSE: 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.

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: Keefe Bruyette & WoodsAnalyst Color News Upgrades Price Target Analyst Ratings

 

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Latest Ratings

StockFirmActionPT
NEWCitiUpgrades
BKNGConsumer Edge ResearchInitiates Coverage On2,250.0
EXPEConsumer Edge ResearchInitiates Coverage On100.0
TRIPConsumer Edge ResearchInitiates Coverage On26.0
IAreteInitiates Coverage On39.0
View the Latest Analytics Ratings
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