Mr. Cooper price target raised to $70 from $55 at Wedbush

Wedbush analyst Jay McCanless raised the firm’s price target on Mr. Cooper to $70 from $55 and keeps an Outperform rating on the shares. The firm notes the company reported solid results above its and consensus estimates, and grew tangible book from $56.72 to $58.81 per share, sequentially. Mr. Cooper came close to reaching the low end of its long term 12% to 20% ROE target range this quarter, after a period of transition following the initial spike in rates, and Wedbush believes that barring a change to the current macro environment, it is in a good position to continue to grow its ROE over time.