Oppenheimer Remains Bullish on Corelogic (CLGX) Following 3Q Report

October 25, 2016 10:17 AM EDT
Get Alerts CLGX Hot Sheet
Price: $37.89 -0.73%

Rating Summary:
    7 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 28
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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."

For an analyst ratings summary and ratings history on CoreLogic click here. For more ratings news on CoreLogic click here.

Shares of CoreLogic closed at $39.31 yesterday.



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