FBR Capital Adds Flagstar Bancorp (FBC) to Top Picks List, Removes PHH (PHH)
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Price: $13.69 +2.47%
Rating Summary:
2 Buy, 0 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
2 Buy, 0 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
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FBR Capital reiterated its Outperform rating and $25 price target on Flagstar Bancorp (NYSE: FBC) and added it to their Top Picks List.
The firm comments, "Following 4Q12 results, in which Flagstar shares were hit by what some investors viewed as a material reduction in the ongoing profitability of the mortgage business, we are reiterating our Outperform rating, $25 price target, and moving FBC to the FBR Top Picks list in place of PHH Corp. (NYSE: PHH) as we remain confident the company's core profitability and momentum in the mortgage business remains high and will outpace remaining legacy costs, which should lead to a ~$25 TBV by YE14. With shares now trading at a 20% discount to 4Q12 TBV of $18.97 and with over 60% potential upside to our FY14E TBV of $25.97, we continue to have high conviction in FBC despite this near-term setback."
For an analyst ratings summary and ratings history on Flagstar Bancorp click here. For more ratings news on Flagstar Bancorp click here.
Shares of Flagstar Bancorp closed at $15.57 yesterday, with a 52 week range of $0.56-$20.34.
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The firm comments, "Following 4Q12 results, in which Flagstar shares were hit by what some investors viewed as a material reduction in the ongoing profitability of the mortgage business, we are reiterating our Outperform rating, $25 price target, and moving FBC to the FBR Top Picks list in place of PHH Corp. (NYSE: PHH) as we remain confident the company's core profitability and momentum in the mortgage business remains high and will outpace remaining legacy costs, which should lead to a ~$25 TBV by YE14. With shares now trading at a 20% discount to 4Q12 TBV of $18.97 and with over 60% potential upside to our FY14E TBV of $25.97, we continue to have high conviction in FBC despite this near-term setback."
For an analyst ratings summary and ratings history on Flagstar Bancorp click here. For more ratings news on Flagstar Bancorp click here.
Shares of Flagstar Bancorp closed at $15.57 yesterday, with a 52 week range of $0.56-$20.34.
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