UPDATE - Barclays Downgraded Lender Processing Services (LPS) to Equalweight; Near-Trough EPS, But Limited Visibility on Near-Term Challenges

UPDATE�- Barclays downgraded Lender Processing Services (NYSE: LPS) from Overweight to Equalweight, PT lowered from $28 to $20.

Barclays analyst says, "While shares of LPS have reached levels reflective of earnings close to trough levels, we believe recent trends reinforced on the 2Q call indicate that earnings power is likely to remain significantly limited over the next few quarters, with regulatory concerns continuing to drag on valuation. Accordingly, we are reducing our rating on LPS to EW. We are also reducing our price target to $20 (9x our updated CY 2012 EPS estimate of $2.25), which reflects our view that shares may continue to trade at their average forward P/E multiple since mid-2008, pending further visibility on near-term operational challenges and industry regulation."

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