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Fly News Breaks for December 29, 2016
PHH, NRZ
Dec 29, 2016 | 08:10 EDT
Piper Jaffray analyst Kevin Barker reiterates an Overweight rating on New Residential Investment (NRZ) after the company announced a $912M deal with PHH Mortgage (PHH). The analyst expects New Residential to issue equity capital to finance the deal, which he thinks can be a near-term overhang for the stock. Nevertheless, Barker believes the longer-term outlook for New Residential to "consistently generate" 15%-plus return-on-equity has improved with the deal.
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