Guild Holdings downgraded to Neutral from Buy at BTIG

BTIG downgraded Guild Holdings (GHLD) to Neutral from Buy. The current price reflects the merger valuation with Bayview at $20 per share with the deal expected to close by year-end, says the analyst. The firm thinks the transaction is motivated by Bayview’s objective to build scale and strengthen its recapture capabilities, which it considers “a relevant theme right now supporting value for non-bank mortgage originator/servicers.”