- Calling Stonegate (SGM) well-positioned to take advantage of the market shift to non-bank originators, analyst Paul Miller initiates the company with a Buy and $21 price target.
- He sees FY14 and FY15 EPS at $3.50 and $6 respectively, with tangible book value rising to $22.31 by year-end 2015 "should the company achieve its targeted origination and servicing portfolio growth."
- Stonegate had unfortunate timing with its IPO last month coming at a time of slowing originations and when investors were ready to take a break from the previously red-hot non-bank originators/servicers like Nationstar (NSM) and Ocwen (OCN).
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