Goldman Sachs Upgrades Lender Processing Services (LPS) to Buy

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Goldman Sachs upgraded Lender Processing Services (NYSE: LPS) from Neutral to Buy with a price target of $27, citing improved end market growth and valuation.

Although shares are up 58.5% YTD, the firm said this principally reflected the clearing legal and regulatory overhang. The upgrade preference for US-based revenue models (100% of revenues) focused on outsourced services. In addition, demand side origination and default volumes are finally finding some stability. Coupled with market leading positioning in its core origination and default segments, they see valuation disconnect.

The firm bumped FY12 EPS from $2.45 to $2.46, trimmed FY13 from $2.68 to $2.67 and lifted FY14 from $2.86 to $2.88.

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 $23.53 yesterday, with a 52 week range of $12.91-$27.15.

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