Sterne Agee Has Neutral On Lender Processing Services

Sterne Agee is out with a research report on Lender Processing Services Inc. LPS and it has a Neutral rating on shares. In a note to clients, Sterne Agee writes, "Yesterday after the close, LPS competitor CoreLogic (CLGX - $10.97, not rated) announced that the company is exploring strategic alternatives to enhance shareholder value, which could include a potential sale of the entire company among other alternatives. CLGX shares are up sharply today following this news. We believe the rise in CLGX shares is lifting LPS shares. LPS competes directly with CLGX across its mortgage and real estate data and analytics offerings including appraisals. We do not believe that CLGX is much of a competitor to LPS in the areas of loan origination and servicing technology. While CLGX competes with LPS on the default management side, we believe that LPS is a much larger player."