Piper Jaffray Starts CoreLogic (CLGX) at Overweight

Piper Jaffray initiates coverage on CoreLogic (NYSE: CLGX) with a Overweight rating and a price target of $35.00.

Analyst Jason Deleeuw commented, "We are initiating on CLGX with an Overweight rating and $35 price target, offering 27% upside. CLGX’s shares are -23% YTD vs. the S&P 500 at +10% and a real estate services peer group at -6%. The plunge in mortgage refinance activity and disappointing Data & Analytics (D&A) segment organic growth have driven CLGX's underperformance. However, we see CLGX’s shares outperforming over the next year driven by 1) completion of its cost-saving initiatives / acquisition integrations and 2) accelerating D&A segment organic revenue growth. The completion of cost savings initiatives and acquisition integrations drive ~70% of our forecasted EBITDA improvement from ’14 to ’15, providing EBITDA growth visibility independent of mortgage origination volume trends. Our $35 PT is based on our sum of the parts valuation."

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 $27.16 yesterday.

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