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JMP Securities bullish on Mr. Cooper stock, sees 25% upside potential

EditorEmilio Ghigini
Published 14/01/2025, 09:06

COOP
1.16%

Tuesday, JMP Securities initiated coverage on Mr. Cooper Group Inc. (NASDAQ:COOP) stock with a Market Outperform rating and a price target of $115.00, suggesting a potential upside of approximately 25%. Analysts at JMP Securities have based their optimistic outlook on the company's earnings potential, setting their price target at 8.5 times the estimated 2025 operating earnings per share (EPS).

Mr. Cooper Group's shares are trading at a multiple that is below the median valuation for mortgage operating companies (MOCs). Currently, the shares are valued at 6.8 times the estimated 2025 operating EPS and 1.32 times the current tangible book value. These figures stand in contrast to the median MOC valuations of 9.9 times operating EPS and 1.32 times tangible book value, respectively.

The analysts have provided estimates for the company's future earnings that are slightly more optimistic than the current consensus on Wall Street. JMP Securities forecasts operating EPS of $10.40 for 2024 and $13.50 for 2025. These projections are slightly higher than the current Street consensus, which anticipates operating EPS of $10.29 for 2024 and $13.22 for 2025.

For the upcoming fourth-quarter 2024 earnings report, JMP Securities expects Mr. Cooper Group to post an operating EPS of $2.75. This estimate is also higher than the Street's expectation of $2.65 for the same period.

The initiation of coverage and the setting of a price target by JMP Securities reflect their confidence in the performance and valuation of Mr. Cooper Group's stock, as the company continues to navigate the competitive mortgage industry landscape.

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