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Nationstar Mortgage up nearly 7% after positive coverage

  • Wedbush buys the dip, initiating coverage with an Outperform rating with the $19 price target suggesting more than 25% upside from yesterday's close.
  • This year should be a "transitional" one for Nationstar (NSM +6.7%), says analyst Henry Coffey, with the benefits of its growth strategy becoming more apparent in 2018.
  • Source: Bloomberg
  • The specialty servicer sector as a whole is lit up bright green, including Ocwen Financial (OCN +7.4%), which took another big step towards cutting cots, and once again being a buyer of MSRs, courtesy of last night's announced settlement with the NYDFS.
  • One beneficiary should be Altisource Portfolio Solutions (ASPS +7.3%) which should see more business if Ocwen moves back into growth mode.
  • Walter Investment (WAC +19%), New Residential (NRZ +1.3%)

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SymbolLast Price% Chg
NSM--
Nationstar Mortgage Holdings