FBR Capital Downgrades Ellie Mae (ELLI) to Market Perform on Lower Originations
- Wall St. slips as Disney weighs; holiday sales in focus
- Why Martin Shkreli ONLY Cares About KaloBios Pharma's (KBIO) Stock Price
- China stocks tumble most since summer slump as brokerage probe widens
- Target (TGT) Notes Strong Black Friday Sales Start; Apple, Giant Stuffed Teddy Bear Lead Charge
- Pre-Open Stock Movers 11/27: (EFUT) (KBIO) (VLTC) Higher; (FRO) (DIS) Lower (more...)
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
- Argus Upgrades Palo Alto Networks (PANW) to Buy
- RBC Capital Reiterates Sector Perform on HP, Inc. (HPQ) Following 4Q
- Mosaic (MOS) Estimates, PT Lowered at Piper Jaffray
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!