Deutsche Bank Starts CoreLogic (CLGX) at Sell

Deutsche Bank initiated coverage on CoreLogic (NYSE: CLGX) with a Sell rating and a price target of $33. Analyst Kevin McVeigh thinks valuation in information services could be impacted by sector rotation coupled with the potential for even higher interest rates.

"CoreLogic is a leader in property intelligence, but its correlation to interest rates [.45] + lower originations could pressure earnings + valuation as rates rise and originations fall. Our $33 PT is based on 8.5x 2017E EV/EBITDA, versus current 10.5x, past five year average of 8.0x, range of 3.8x-11.1x," said McVeigh.

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 $37.89 yesterday.

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