UPDATE: Keefe, Bruyette & Woods Downgrades Walter Investment Management On 4Q14 Wrap-Up

In a report published Friday, Keefe, Bruyette & Woods, Inc. analyst Bose George downgraded the rating on Walter Investment Management Corp WAC from Market Perform to Underperform, and lowered the price target from $16.00 to $14.00. In the report, Keefe, Bruyette & Woods, Inc. noted, "WAC reported operating EPS of ($0.06), which excludes step-up D&A, regulatory charges, negative MSR marks, and other items. Our 2015 EPS estimate goes to $1.99 from $3.42 and we take our 2016 EPS estimate to $1.50 from $3.00 on reduced servicing profitability and lower mortgage volumes and margins. We reduce our target to $14 from $16 and downgrade to Underperform from Market Perform." Walter Investment Management closed on Thursday at $18.96.
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Posted In: Analyst ColorDowngradesAnalyst RatingsBose GeorgeBruyette & WoodsKeefe
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