Nomura Securities Starts Altisource Residential (RESI) at Neutral

Nomura Securities initiates coverage on Altisource Residential (NYSE: RESI) with a Neutral rating and a price target of $11.00.

Analyst Brock Vandervliet highlighted:

• RESI is repositioning itself to a pure BTR (buy-to-rent) platform, but that currently presents high earnings volatility and risk to book value. Our $11 target price implies it is fairly valued at 0.5x book. We will reassess as the repositioning can be better evaluated later in this process.
• RESI is unwinding its distressed portfolio to fund this transition.
• Over time, earnings and dividends will transition to rental earnings from a portfolio of over 20,000 rental homes.

For an analyst ratings summary and ratings history on Altisource Residential click here. For more ratings news on Altisource Residential click here.

Shares of Altisource Residential closed at $9.95 yesterday.

You May Also Be Interested In

• Jefferies Assumes Allied Blenders (ABDL:IN) at Buy
• Craig-Hallum Starts Quantinuum Inc (QNT) at Buy
• Deutsche Bank Starts Liftoff Mobile (LFTO) at Buy