Credit Suisse Sticks to Their Buy Rating for Mr Cooper Group (COOP)

By Ryan Adsit

In a report issued on July 20, Douglas Harter from Credit Suisse maintained a Buy rating on Mr Cooper Group (COOPResearch Report). The company’s shares closed last Monday at $13.48, close to its 52-week high of $14.68.

According to TipRanks.com, Harter is a 4-star analyst with an average return of 9.1% and a 64.2% success rate. Harter covers the Financial sector, focusing on stocks such as Ellington Residential Mortgage, Essential Properties Realty, and ARMOUR Residential REIT.

Currently, the analyst consensus on Mr Cooper Group is a Strong Buy with an average price target of $15.80, a 19.9% upside from current levels. In a report issued on July 8, Wedbush also maintained a Buy rating on the stock with a $16.00 price target.

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Based on Mr Cooper Group’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $278 million and GAAP net loss of $168 million. In comparison, last year the company earned revenue of $250 million and had a GAAP net loss of $186 million.

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Mr. Cooper Group, Inc. is engaged in the provision of residential loan services. It operated through the following segments: Servicing, Originations and Xome. The Servicing segment consists of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses, such as taxes and insurance, performing loss mitigation activities on behalf of investors and otherwise administering mortgage loan servicing portfolio. The Originations segment provides refinance opportunities to the existing servicing customers through direct-to-consumer platform and purchases loans from originators through correspondent channel. The Xome segment offers technology and data-enhanced solutions to banks, non-banks, investment companies, and GSEs engaged in the origination, investment, servicing of mortgage loans, as well as to home buyers, home sellers, real estate professionals mortgage professionals, and real estate investors. The company was founded on August 17, 1994 and is headquartered in Coppell, TX.