Fly News Breaks for April 25, 2019
Apr 25, 2019 | 06:16 EDT
Piper Jaffray analyst Kevin Barker downgraded Flagstar Bancorp to Neutral from Overweight and lowered his price target for the shares to $35 from $37. The recent re-rating in shares due to an improved mortgage market has fairly valued the stock, Barker tells investors in a research note. Further, the analyst believes consensus estimates have not fully baked in the increase in operating expenses from a larger branch count combined with seasonally higher origination volume in the next two quarters.
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