UPDATE: Keefe, Bruyette & Woods Reiterates Market Perform Rating, Lowers PT on Ocwen Financial Corporation After Termination of Wells Portfolio Acquisition

In a report published Thursday, Keefe, Bruyette & Woods analyst Bose George reiterated a Market Perform rating on

, but lowered the price target from $22.00 to $20.00. In the report, Keefe, Bruyette & Woods noted, “Last week Ocwen announced that the contract to purchase a $39 billion servicing portfolio had been terminated. We had assumed that the portfolio would close and board in 2015. We now assume no acquisitions for the company through 2015, after which we assume roughly $30 billion of annual acquisitions. Our EPS estimates fall to $1.80 in 2015 and $2.00 in 2016 from $2.10 and $2.35, respectively. We reduce our price target to $20 from $22. Maintain Market Perform.” Ocwen Financial Corporation closed on Wednesday at $21.30.