- "After 18 months of intense corporate challenges caused by their prior rapid growth, regulatory fines and sanctions, and spillover from what I consider bad behavior from a conflicted lobby group, Ocwen (NYSE:OCN) has now turned the corner and is on road profitability," writes John Devaney updating his bull thesis on the company in a sizable report, which also touches on other industry participants like ASPS, NRZ, NSM, WAC, and PHH.
- "The past four months have seen a series of meaningful events that have greatly de-risked the company and added credibility to the management and the company’s reputation."
- The stock represents deep value, says Devaney, noting tangible book value north of $10 per share, a stock price of just $3.60, and possibly $1 per share in earnings next year. He's got a price target of $6.75 by year-end 2017.