Oppenheimer Remains Bullish on Corelogic (CLGX) Following 3Q Report
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Oppenheimer reiterated an Outperform rating and $45.00 price target on CoreLogic (NYSE: CLGX) following the company's 3Q earnings report. CLGX reported revenue growth of ~36% Y/Y to $524M, ahead of $501M estimates. Adjusted EPS was $0.73, ahead of the Street's $0.66 estimates.
Analyst Glenn Greene commented, "CoreLogic reported solid 3Q16 results with ~36% revenue growth to $524M and adj. EBITDA of ~$143M (vs. our $137M est.). PI growth of ~79% Y/Y (perhaps ~5% organic CC; by our est.) reflects the recent Valuation Solutions Group (VSG) acquisitions. RMW revenue grew 6% Y/Y, reflecting higher US mortgage volumes, pricing benefits, and share gains, offset by lower project-related revenue and the roll-off of non-core businesses. Reflecting upside 3Q16 results, CLGX suggests it is tracking toward the high end of FY16 guidance i.e., revenue of $1.89-1.92B, adj. EBITDA of $480-500M, and adj. EPS of $2.20-2.30, which we suspect could prove conservative. CLGX also upped its CY17 cost savings expectation to $30M (incremental EPS of ~$0.11). Maintain Outperform rating. Estimates under review."
Shares of CoreLogic closed at $39.31 yesterday.
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