Goldman Sachs Downgrades Lender Processing Services (LPS) to Neutral, Growth Expectations Now Negative

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Goldman Sachs downgraded Lender Processing Services (NYSE: LPS) from Buy to Neutral with a price target of $26.00 (from $34.00) following Q3 results as they now anticipate substantially lower refinance and default volume growth in CY13 as refi strength from CY12 is not expected to repeat and default volumes should be further delayed by new rules in 2013.

Goldman cut CY13 EPS by 9.4% to $2.69 (-3.4% yoy) and CY14 by 8.9% to $2.88 (+7.1% yoy).

For an analyst ratings summary and ratings history on Lender Processing Services click here. For more ratings news on Lender Processing Services click here.

Shares of Lender Processing Services closed at $24.11 yesterday, with a 52 week range of $14.09-$30.88.

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