New York, September 20 (FinanceEnquiry.com) – Analysts at Compass Point Research & Trading initiate their BUY rating on the shares of Ocwen Financial Corp (NYSE: OCN). The 12-month target price is set to $33.
In a research note published on September 19, the analysts mention that, the opportunity of long term for the special servicers outweighs the near term volatility that may take place, even though these names have had a massive run recently and valuations have been stretched.
In addition to this, as there is yet a huge backlog of distressed mortgages that must to be cleared; in order to give reason for keeping large servicing portfolios, Basel III will limit ability of banks; and regulatory compliance creates operational risk and has become expensive, each of these names will are expected to participate in the secular shift away from the traditional servicing model.
In the end, even though there has been considerable latest outperformance in the stocks, the residential mortgage servicers are supposed to carry on showing strong returns and they present an exceptional growth story within financials, the analysts add further.
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