FBR Capital Downgrades Ellie Mae (ELLI) to Market Perform on Lower Originations
- Family Dollar Stores (FDO) Rejects Dollar General's (DG) $78.50/Share Bid
- Unusual 11 Mid-Day Movers 8/21: (HTBX) (DGLY) (JRJC) Higher; (KIN) (AMPE) (CYTX) Lower
- BofA (BAC) Enters $16.7B Settlement with DoJ Over RMBS Investigation
- Sears Holdings (SHLD) Posts Q2 GAAP Loss of $5.39/Share; Comps Fell 0.1%
- Infineon/International Rectifier (IRF) Seen as Harbinger for More Semi Deals
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.
You May Also Be Interested In
- Janney Capital Upgrades American Eagle Outfitters (AEO) to Buy
- Quaker Chemical (KWR) PT Raised at Jefferies on Bolt-On Acqusition
- Lowe's (LOW) PT Raised to $61 at BofA/Merrill Lynch
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!