UPDATE: Sterne Agee Lowers PT on PHH Corp to $24

Sterne Agee has published a research report on PHH Corp PHH reducing the price target. In the report, Sterne Agee wrote, "The MBA's refi application index is already starting to respond to lower rates and those who can are lining up to start the refi process. We see this as fuel for a boom in originations for PHH that should support both the higher mortgage production income, and over time, higher servicing revenue." Sterne Agee rated PHH Corp a BUY with a price target lowered to $24.00. PHH Corp closed Friday at $17.92.