FBR Capital Upgrades Stonegate Mortgage (SGM) to Outperform

FBR Capital upgraded Stonegate Mortgage (NYSE: SGM) from Market Perform to Outperform and maintains a price target of $10, saying the management change is likely a positive catalyst.

Analyst Paul Miller commented, "This morning, Stonegate Mortgage Corporation announced the resignation of Jim Cutillo as chief executive officer, effective September 10, 2015. In conjunction with Jim's departure, the company announced that Richard Kraemer will assume the role of interim CEO, and that it has hired James Smith to act as chief operating officer and president. We believe these changes could act as a positive catalyst for shares as the company pursues a permanent CEO to execute its business plan and drive profitability. After this news, we are upgrading shares of SGM to Outperform from Market Perform and maintaining our price target of $10."

For an analyst ratings summary and ratings history on Stonegate Mortgage click here. For more ratings news on Stonegate Mortgage click here.

Shares of Stonegate Mortgage closed at $7.07 yesterday.

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