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NRZ

New Residential

, RESI

Altisource Residential

09:31
04/21/17
04/21
09:31
04/21/17
09:31

Keefe positive on New Residential, Altisource after yesterday's selloffs

Keefe Bruyette sees limited risk to both New Residential Investment (NRZ) and Altisource Residential (RESI) from Ocwen's (OCN) CFPB lawsuit and multiple cease-and-desist orders. Beginning on April 7, New Residential has the right to transfer servicing from Ocwen, the firm tells investors. Further, Keefe notes that even in a bankruptcy, which it views as unlikely, New Residential would not necessarily need to move servicing away from Ocwen. Regarding Altisource, Keefe states that while Ocwen developments have the potential to impact Altisource Portfolio Solutions (ASPS), it believes Altisource Residential (RESI) should ultimately have the ability to transfer property management of its portfolio to Main Street Renewal if Altisource Portfolio's performance were to deteriorate. The firm thinks such a transfer would not impede Altisource Residential's long-term business model.

NRZ

New Residential

RESI

Altisource Residential

ASPS

Altisource

$25.44

-18.44 (-42.02%)

NRZ New Residential

04/21/17
SBSH
04/21/17
NO CHANGE
SBSH
Buy
New Residential has protections investors are overlooking, says Citi
Citi analyst Michael Kaye views the Ocwen's (OCN) CFPB lawsuit and state cease and desist orders as a clear negative development for New Residential Investment (NRZ), but the analyst yesterday afternoon kept a Buy rating on the shares. The analyst believes Ocwen services about $120B of New Residential's $600B servicing portfolio. Kaye, however, thinks New Residential has some flexibility since Ocwen's Moody's servicer rating is below SQ3, which qualifies as a potential legal termination event. As such, New Residential has the legal right to move the servicing into its own name and let Ocwen stay on as a sub-servicer, which would provide additional protection, Kaye told investors in a research note. The company can also pull the servicing agreement from Ocwen to another sub-servicer, he adds. Kaye believes New Residential "has some built in protections that investors might be overlooking."
02/02/17
FBRC
02/02/17
NO CHANGE
Target $16.75
FBRC
Outperform
New Residential undervalued at current levels, says FBR Capital
FBR Capital analyst Jessica Levi-Ribner views shares of New Residential Investment as undervalued at current levels. The implied dividend yield of 12.5% should be safe in any interest rate environment, Levi-Ribner tells investors in research note, while pointing out the company is positioned for higher rates. The analyst keeps an Outperform rating on New Residential with a $16.75 price target following the company's Q4 results.
04/20/17
SBSH
04/20/17
NO CHANGE
SBSH
New Residential shares defended at Citi
04/21/17
COMP
04/21/17
UPGRADE
Target $3.5
COMP
Buy
Ocwen upgraded to Buy from Neutral at Compass Point
Compass Point analyst Frederick Small upgraded Ocwen (OCN) to Buy from Neutral as he sees regulatory risk as mispriced following yesterday's CFPB lawsuit and states' cease-and-desist orders. He also does not think New Residential (NRZ) will transfer the majority of Ocwen's subservicing to another servicer, though he lowered his price target on Ocwen shares to $3.50 from $5.
RESI Altisource Residential

08/23/16
08/23/16
UPGRADE
Target $15

Buy
Altisource Residential upgraded to Buy at Nomura
As previously reported, Nomura upgraded Altisource Residential to Buy from Neutral and raised its price target to $15 from $11. Analyst Brock Vandervliet has a higher conviction core FFO will scale from 3c in Q2 to 9c in Q4 and to 35c in Q4 2017 and said shares are the least expensive under coverage.
08/18/16
NORL
08/18/16
INITIATION
Target $13
NORL
Outperform
Altisource Residential initiated with an Outperform at Northland
Target $13.
08/23/16
NOMU
08/23/16
UPGRADE
NOMU
Buy
Altisource Residential upgraded to Buy from Neutral at Nomura
02/27/17
FBCO
02/27/17
INITIATION
Target $15
FBCO
Outperform
Altisource Residential initiated with an Outperform at Credit Suisse
Credit Suisse analyst Douglas Harter started Altisource Residential with an Outperform rating and $15 price target, saying he sees the shares outperforming as it executes on the transition to become a company focused on single-family rentals.
ASPS Altisource
$25.44

-18.44 (-42.02%)

11/01/16
COMP
11/01/16
DOWNGRADE
COMP
Sell
Altisource downgraded to Sell from Neutral at Compass Point
08/10/16
COMP
08/10/16
UPGRADE
COMP
Buy
Altisource upgraded to Buy from Neutral at Compass Point
05/02/16
PIPR
05/02/16
DOWNGRADE
Target $16
PIPR
Underweight
Altisource downgraded to Underweight from Neutral at Piper Jaffray
Piper Jaffray analyst Kevin Barker downgraded Altisource Portfolio Solutions to Underweight saying the legal and regulatory risks are "too high." The analyst cut his price target for the shares to $16 from $24 after moving to a discounted cash flow analysis from a multiple analysis.

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