Onity Group price target raised to $50 from $40 at BTIG

BTIG raised the firm’s price target on Onity Group (ONIT) to $50 from $40 and keeps a Buy rating on the shares. The firm’s raised $50 target still reflects less than one-times book value, notes the analyst, who says the firm is “deliberately being a little conservative to reflect the interest rate and macro environment.” The firm’s estimates include the release of $45M, or $5.35 per share, or 25% of the $180M valuation allowance, which currently fully offsets its deferred tax asset, telling investors that it thinks releasing “even a portion of the allowance could supply the liquidity and a more manageable leverage profile we see as necessary to support a stronger stock valuation.”