PHH Receives Equal Weight Rating from Morgan Stanley (PHH)
PHH (NYSE:PHH)‘s stock had its “equal weight” rating restated by investment analysts at Morgan Stanley in a note issued to investors on Tuesday. They currently have a $24.00 target price on the stock. Morgan Stanley’s price objective would suggest a potential upside of 3.09% from the stock’s previous close.
The analysts wrote, “The $450m in buyback authority, with $200m accelerated following 2Q earnings, is faster and slightly more than double our current forecast ($220m from 4Q14 through YE15). We assume the accelerated buybacks will take place in 3Q14 and the remaining $250m will be done evenly over the next four quarters (beginning 4Q14). Under these assumptions, we believe the higher-than-forecast buybacks are accretable to our TBV estimate. We expect the stock will begin to re-rate up with clarity on excess cash usage.”
PHH (NYSE:PHH) traded up 3.50% during mid-day trading on Tuesday, hitting $24.095. The stock had a trading volume of 959,580 shares. PHH has a 52-week low of $20.58 and a 52-week high of $27.13. The stock has a 50-day moving average of $23.59 and a 200-day moving average of $24.34. The company has a market cap of $1.383 billion and a P/E ratio of 35.65.
PHH (NYSE:PHH) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.32) EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.23 by $0.55. The company had revenue of $517.00 million for the quarter, compared to the consensus estimate of $598.63 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company’s quarterly revenue was down 29.2% on a year-over-year basis. On average, analysts predict that PHH will post $-0.30 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Compass Point downgraded shares of PHH from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 3rd. They now have a $26.00 price target on the stock, down previously from $28.00. Separately, analysts at Sterne Agee reiterated a “buy” rating on shares of PHH in a research note on Tuesday, May 27th. They now have a $30.00 price target on the stock, up previously from $28.00. Finally, analysts at Sterne Agee reiterated a “buy” rating on shares of PHH in a research note on Tuesday, May 27th. They now have a $30.00 price target on the stock, up previously from $28.00. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. PHH presently has an average rating of “Hold” and an average target price of $26.24.
PHH Corporation (NYSE:PHH) is an outsource provider of mortgage and fleet management services.
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