Oppenheimer initiates coverage on Nationstar, Ocwen
According to TheStreet, mortgage servicing companies are doing fairly well and posted strong stock prices over the past couple of years. TheStreet has more on new Oppenheimer's decision to pick up servicing coverage:
Oppenheimer initiated coverage on both Ocwen and Nationstar with "outperform" ratings after Monday's market close. The analysts also began covering PHH Corp. and Walter Investment Management, which they rate "perform," stating "it is more valuation than anything else that holds us back."
Investors appeared to take heed of the report, driving up shares of Ocwen and Nationstar by more than 2% each in the first 45 minutes of trading, while shares of Walter and PHH were flat to lower.