Newcastle Investment (NCT +4.5%) is reiterated a Buy with $14 price target at UBS, the team noting the stock is off 14% in a month partly on concern over the delayed spinoff of New Residential. The delay, says UBS, is likely the result of extra filing requirements associated with the acquisition of HSBC servicing assets. The completed registration is probably imminent, and will allow investors to again focus on valuation of the entities - NCT $6 and NRZ $8, according to UBS.
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