Wedbush Downgrades PHH Corporation (PHH) to Neutral

Wedbush downgraded PHH Corporation (NYSE: PHH) from Outperform to Neutral with a price target of $14.50.

Analyst Henry Coffey Jr. cites valuation for the downgrade. He says everything is going as planned citing the company's continued exit from servicing and PLS origination business. He comments that any further upside will likely be due in part to what value investors put on the new company and any further sales to third-parties.

FY 2017 EPS estimate remains at a loss of $6.30 and FY 2018 EPS estimate remains at a loss of $0.75.

For an analyst ratings summary and ratings history on PHH Corporation click here. For more ratings news on PHH Corporation click here.

Shares of PHH Corporation closed at $14.04 yesterday.

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