UPDATE: Bank Of America Reiterates On Ocwen Financial As Expectations Are Reset

In a report published Tuesday, Bank of America analyst Kenneth Bruce reiterated a Buy rating on Ocwen Financial (NYSE: OCN), but lowered the price target from $54.00 to $35.00.

In the report, Bank of America noted, “OCN is a leading independent mortgage servicer specializing in distressed loans. We think it is well positioned to capitalize on trends within the servicing arena as the industry digests a backlog of distressed loans generated at the peak of the real estate cycle and transitions to a less bank-centric structure. Investors could also benefit from a potential transformation to a less capital-intense servicer model.”

Ocwen Financial closed on Monday at $26.98.