UPDATE: Mr. Cooper Group Inc. (COOP) PT Raised to $43 at Credit Suisse, as Title365 Provides Cash for Share Repurchase

March 15, 2021 11:28 AM EDT
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Price: $32.53 -0.49%

Rating Summary:
    6 Buy, 2 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 8 | New: 31
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(Updated - March 16, 2021 8:57 AM EDT)

Credit Suisse analyst Douglas Harter raised the price target on Mr. Cooper Group Inc. (NASDAQ: COOP) to $43.00 (from $40.00) after the company announced the sale of Title365, its title business which is part of Xome, for $450 million of cash and a 9.9% retained interest in the business.

The analyst reiterated an Outperform rating, stating "After closing costs COOP expects to net $400 million of cash from the transaction. The deal is expected to close in the second quarter, which matches up relatively well with COOP’s increased ability to repurchase stock in August (3-year anniversary of WMIH acquisition)".

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