Mr. Cooper Group Inc. (COOP) NDR Highlihts Willingness to Sell Exchange Platform - Piper Sandler
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Piper Sandler analyst Kevin J. Barker reiterated an Overweight rating and $48.00 price target on Mr. Cooper Group Inc. (NASDAQ: COOP) after hosting a series of meetings with management that highlighted:
1) Management appeared very willing to monetize the Xome Exchange platform
2) the mortgage origination market remains competitive and management believes capacity needs to come out of the system to meet reduced demand
3) the company is open to utilize acquisitions to enhance returns
4) the company sees significant operating efficiencies developing with new technology
The analyst stated "COOP management did not shy away stating they are open to selling their Exchange business within the Xome segment. The company has been actively selling off portions of the segment, including the sale of Title365 to Blend for $500M. The Exchange business is producing little to no revenue due to foreclosure moratoriums, but there is a large pipeline building which should lead to greater clarity on revenue in 2022 or 2023."
Shares of Mr. Cooper Group Inc. closed at $39.78 yesterday.
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