Corelogic (CLGX): Notes From The Road - Piper Jaffray
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Piper Jaffray reiterated its Overweight rating on shares of CoreLogic (NYSE: CLGX) after hosting investor meetings with Frank Martell, Chief Operating Officer, and Dan Smith, SVP Investor Relations.
CLGX’s Valuation Solutions Group (VSG – home appraisal business) offers mortgage originators a compelling value proposition via higher quality appraisals and faster appraisal cycle times. VSG seems well-positioned to win new originator clients and drive faster organic revenue growth and expanding margins in 2017 and 2018.
The analyst believes CLGX can begin marketing its VSG business to new mortgage originators later this year, and will target large and mid-tier originators that use outsourced appraisal solutions. Most originators currently use multiple outsourced appraisal providers, though some key players use their in-house solution.
No change to the price target of $48.00 based on a sum-of-the-parts valuation using '17 segment EBITDA estimates.
Shares of CoreLogic closed at $39.43 yesterday.
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