FBR Capital Downgrades Ellie Mae (ELLI) to Market Perform on Lower Originations
FBR Capital downgraded Ellie Mae (NYSE: ELLI) from Outperform to Market Perform with a price target of $29.00 (from $37.00) as mortgage market headwinds are growing ever stronger and earlier this week FBR's Financial Services team lowered its 2014 origination volume target to $1.099 trillion from $1.297 trillion. "This reflects a 40% decline in 2014 from 2013, which is materially worse than market expectations when ELLI provided its 2014 outlook," analyst Samad Samana said.
He added, "Our analysis using these updated estimates suggests the company's guidance and the Street consensus for ELLI are likely to be reduced for 2014 and 2015. We are lowering our growth forecast for 2014 from 18% to 13%."
Shares of Ellie Mae closed at $25.37 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Credit Suisse Downgrades KLA-Tencor (KLAC) to Neutral - Correct
- Goldman Sachs Downgrades Colfax Corporation (CFX) to Neutral
- BofA/Merrill Lynch Upgrades Gigamon (GIMO) to Neutral on Signs of Growth
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Downgrades, Hot Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!