Compass Point Starts Walter Investment Corp. (WAC) at Buy, Cites Secular Shift in Motgage Market

Compass Point initiates coverage on Walter Investment Corp. (NYSE: WAC) with a Buy. PT $46.00.

"Our Buy rating on WAC is based on the premise the company will be a key participant in a secular shift in the mortgage market whereby special servicers will see tremendous growth in their servicing portfolios and eventually become a larger participant in the market as a whole," analyst Kevin Barker states. "The company has shown significant growth, increasing its portfolio from $29B to $79B since 2010, primarily through sub-servicing contracts and is on the cusp originating mortgages for its own servicing portfolio. The combination of bulk servicing transactions, originations and flow programs, should provide substantial growth to the servicing portfolio and earnings over the next several years."

For an analyst ratings summary and ratings history on Walter Investment Corp. click here. For more ratings news on Walter Investment Corp. click here.

Shares of Walter Investment Corp. closed at $36.44 yesterday.

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