In a report released today, Glenn Greene from Oppenheimer maintained a Buy rating on Corelogic (CLGX), with a price target of $46. The company’s shares opened today at $41.85.
Greene commented:
“CoreLogic reported a solid start to FY19, in our opinion, after considering mortgage headwinds (management suggests 10-15% unit headwind in quarter) with a 6% Y/Y revenue decline (flattish organic growth) to $418M (exceeded our $398M estimate). Also, adj. EBITDA of $98M beat our $93M estimate, reflecting ~20bps of Y/Y margin expansion. CLGX maintained its FY19 guidance, which includes anticipated wind- downs and transformation of certain businesses; anticipates revenue of $1.62-1.68B (reflects $70-100M drag from software wind-downs and AMC transformation), adj. EBITDA of $450-480M (considers ~$10-15M software/AMC headwinds), and adj. EPS of $2.25-2.55. In our view, valuation remains attractive at ~7% CY19E FCF yield. Maintain Outperform rating and $46 price target.”
According to TipRanks.com, Greene is a top 25 analyst with an average return of 20.2% and a 85.9% success rate. Greene covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and Total System Services.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Corelogic with a $42 average price target.
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Based on Corelogic’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $12.61 million. In comparison, last year the company had a net profit of $28.29 million.
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CoreLogic, Inc. provides property information, analytics and data-enabled services in North America, Western Europe and Asia Pacific. The company offers its clients a comprehensive national database covering real property and mortgage information, judgments and liens, building and replacement costs, parcel and geospatial data, criminal background records, eviction information, non-prime lending records, credit information, and tax information, among other data types. It operates through the following business segments: Property Intelligence & Risk Management Solutions and Underwriting & Workflow Solutions. The Property Intelligence & Risk Management Solutions segment combines property information, mortgage information and consumer information to deliver unique housing market and property-level insights, predictive analytics and risk management capabilities. The Underwriting & Workflow Solutions segment combines property information, mortgage information and consumer information to provide comprehensive mortgage origination and monitoring solutions, including underwriting-related solutions and data-enabled valuations and appraisals. The company was founded on1894 is headquartered in Irvine, CA.
