Markets

B. Riley Lifts Ocwen Financial's PT to $56 from $50 Following Model Update, Says Management's 2022 Earnings Guidance Conservative; Keeps Buy Rating

10:14AM ET 12/08/2021 MT Newswires
B. Riley raised its price target for Ocwen Financial (OCN) after updating its model. The firm also raised its full-year 2022 EPS estimate to $10 from $9.25, noting that management's guidance of an implied $8.00 to $8.50 per share share is "not only achievable but conservative."

In a Wednesday research report, the firm wrote that forecasted 18% return on equity in 2022 should drive the company's stock to book value. The firm added that the company's key performance metrics are in line with peers and that it remains upbeat on the secular tailwinds for the non-bank mortgage servicing industry.

Moreover, B. Riley wrote that Ocwen's platform remains uniquely positioned to create value for shareholder and that its low cost to service continues drive earnings.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)