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.
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