Altisource Portfolio Solutions SA (ASPS) Receives a Hold from Northland Securities


Northland Securities analyst Michael Grondahl maintained a Hold rating on Altisource Portfolio Solutions SA (ASPS) today and set a price target of $30. The company’s shares opened today at $23.06.

Grondahl said:

“We believe this was lower buy-renovate-sell revenues, property management, originations and non-OCN servicing onboarding delays. Key Points The highlight remains the Project Catalyst or cost reduction plan to eliminate $65M to $90M of annual costs by 2020, though with various business and asset sales the number is a little bit in motion. ASPS will focus on headcount, moving data to cloud, facilities, greater efficiencies and hopes to get half of the savings in 2019 and full benefit in 2020. We believe this was long overdue and helps drive better 2019 results. This resulted in $11.6M of severance and other costs during 2018 and $4.4M in 1Q19 but also helped lower compensation and benefits cost $15.7M or 23% y/y. . As we had previously noted, for ASPS to be successful again and offset the roughly $55M hole of Adj.”

According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 26.3% and a 68.9% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Health Insurance Innovations, and Piper Jaffray Companies.

The word on The Street in general, suggests a Hold analyst consensus rating for Altisource Portfolio Solutions SA with a $30 average price target.

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Based on Altisource Portfolio Solutions SA’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $11.49 million. In comparison, last year the company had a GAAP net loss of $4.13 million.

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Altisource Portfolio Solutions SA engages in the provision of services and technology for the mortgage and real estate industries. It operates through the following segments: Mortgage Market; Real Estate Market; and Other Businesses, Corporate and Eliminations.

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