Wedbush Starts PHH Corporation (PHH) at Neutral
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Wedbush initiates coverage on PHH Corporation (NYSE: PHH) with a Neutral rating and a price target of $16.00.
Analyst Henry Coffey Jr. commented, " We are initiating coverage of PHH Corp (PHH) with a $16 price target and a NEUTRAL rating. The company is facing a number of challenges tied to the pending loss of at least one PLS client (Bank of America), lower mortgage volumes, and the persistently high cost of mortgage origination and servicing. The company has struggled to restore profitability and our rating and price target factor in these challenges as well as an estimate of the company’s liquidation value or adjusted tangible book value."
Shares of PHH Corporation closed at $14.76 yesterday.
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