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Fly News Breaks for October 25, 2016
OCN
Oct 25, 2016 | 06:07 EDT
Piper Jaffray analyst Kevin Barker downgraded Ocwen Financial to Underweight on expectations the company will continue burning book value through 2017. The shares have recovered to over $4, or roughly 80% of tangible book value, despite burning $2.83 of book value over the past three quarters, Barker tells investors in a research note. He expects Ocwen's book value to drop "well below" $4.00 per share and does not see how the company can earn money in the future. Barker keeps a $2 price target for Ocwen shares.
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