Piper Jaffray Reiterates Overweight on Ocwen Financial (OCN)

Piper Jaffray reiterates Overweight on Ocwen Financial OCN. In a report to clients, Piper Jaffray notes, "We reiterate our Overweight rating. Our price target is $14, which is based on 1.3x our '11 year-end book value of $10.40. We believe OCN can generate a long-term ROE in the mid-teens, making its shares attractive trading at 1.15x current book value and 0.98x our '11 year-end book value." OCN closed yesterday at $10.26, down 2.75% from Tuesday's close.