Downgrade Alert for PHH (PHH)
PHH (NYSE:PHH) was downgraded from Outperform to Market Perform at Keefe Bruyette today. The stock closed yesterday at $15.04 on volume of 391,000 shares, below average daily volume of 710,000.
In the past 52 weeks, PHH share prices have been bracketed by a low of $8.26 and a high of $27.83 and closed yesterday at $15.04, 82% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.8% while the 50-day MA has advanced 0.5%.
Potential upside of 39.6% exists for PHH, based on a current level of $15.04 and analysts' average consensus price target of $21.00. The stock should find initial support at its 200-day moving average (MA) of $14.58 and further support at its 50-day MA of $11.59.
PHH Corporation is an outsource provider of mortgage and vehicle fleet management services. The Company provides private label mortgage services to real estate brokers, financial institutions, credit unions, corporations, and government agencies, and integrated leasing and management solutions to operators of corporate, government, and service-related vehicle fleets.
SmarTrend recommended that subscribers consider buying shares of PHH on March 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.64. Since that recommendation, shares of PHH have risen 28.2%. We continue to monitor PHH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades