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Fly News Breaks for December 11, 2015
NRZ, OCN, ASPS
Dec 11, 2015 | 07:07 EDT
Piper Jaffray analyst Kevin Barker downgraded Altisource Portfolio Solutions (ASPS) to Neutral after assuming coverage of the name. The stock is fairly valued since Altisource's main source of earnings, default servicing from Ocwen (OCN), is in run-off and there is a significant risk to its business model if Ocwen's private label servicing were to be pulled by New Residential (NRZ) in 2017, Barker tells investors in a research note. He cut his price target for the stock to $27 from $46.50.
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