Oppenheimer analyst Glenn Greene maintained a Buy rating on Corelogic (NYSE: CLGX) today and set a price target of $46. The company’s shares opened today at $40.18, close to its 52-week low of $38.67.
Greene noted:
“CoreLogic reported soft 3Q18 results with revenue declining 6.5% Y/Y (perhaps 1% organic) to $452M (vs. our $481M estimate), with perhaps 9pts or ~$45M of mortgage market headwinds. Adj. EBITDA of $128M fell shy of our $132M estimate by only $4M on tight cost management. Reflecting the quarter and increased macro headwinds CLGX moderated its implied FY18 guidance, which now anticipates revenue of $1.792-$1.801B (was $1.825-1.875B) and EBITDA of $485-495M (was $480-500M). Valuation remains attractive at ~10x our CY19E EV/EBITDA, and CLGX continues to target 30% EBITDA margins in CY20 (albeit from a somewhat lower revenue base). That said, we suspect shares remain range-bound given macro headwinds. Maintain Outperform rating and reduce price target to $46 from $53.”
According to TipRanks.com, Greene is a top 25 analyst with an average return of 20.4% and a 80.3% success rate. Greene covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and Total System Services.
Corelogic has an analyst consensus of Hold, with a price target consensus of $51.
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Based on Corelogic’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $58.52 million. In comparison, last year the company had a net profit of $30.75 million.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is negative on the stock.
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CoreLogic, Inc. is a property information, analytics and data-enabled services provider operating 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.
