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Fly News Breaks for November 14, 2019
NRZ
Nov 14, 2019 | 06:03 EDT
Piper Jaffray analyst Kevin Barker downgraded New Residential Investment to Neutral from Overweight with an unchanged price target of $16. The company is likely to go through a transition period through 2020 as it invests in the core infrastructure to create a more efficient mortgage servicer and originator, Barker tells investors in a research note. Also, in order to protect book value, he believes there is an increased risk New Residential could reduce the dividend. As a result, Barker thinks the stock is trading near fair value today.
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