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Fly News Breaks for January 31, 2020
Jan 31, 2020 | 07:02 EDT
B. Riley FBR analyst Raj Sharma initiated coverage of Altisource Portfolio Solutions with a Buy rating and $30 price target. The analyst believes the company is a "hidden gem." Through "strong" industry demographics, "top-tier" status as a special servicer of delinquent mortgages, and potential leverage to a pickup in mortgage delinquencies from historical lows, Altisource could eventually be valued at a price "many multiples above where it trades today," Sharma tells investors in a research note. The company trades like its serviced loan-book is in runoff, "but this is far from the case," says the analyst. He notes the company is "steadily growing" its roster of top ten servicers and adding unpaid principal balances beyond its concentration with Ocwen.
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