Onity Group price target raised to $55 from $50 at B. Riley

B. Riley raised the firm’s price target on Onity Group (ONIT) to $55 from $50 and keeps a Buy rating on the shares after meeting with management. The firm “came away with several positive takeaways.” Onity will move to a “more normal valuation” around its stated book value of $58 per share given the good diversification of the business, continued product and service innovations, and supportive public company transaction activity this year, the analyst tells investors in a research note. Riley believes merger activity in the mortgage sector are key support for the shares.