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Fly News Breaks for February 13, 2018
WMIH, NSM
Feb 13, 2018 | 11:31 EDT
As previously reported, Piper Jaffray analyst Kevin Barker downgraded Nationstar (NSM) to Underweight from Neutral, as he believes the dilution to existing shareholders from the company's deal with WMIH Corp. (WMIH) will ultimately reduce the economic value of pro forma tangible book value by about $3 per share. Additionally, the incremental cost of adding debt will further reduce pretax earnings, said Barker, who lowered his price target on Nationstar shares to $13.50 from $18.
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