1Q22 review; Updating our estimates
Our view: We are updating our EPS estimates post 1Q results. Industry
overcapacity remains a headwind for NRZ's mortgage origination biz
but mgmt focused on cost saves. That said, NRZ's BVPS could see pot'l
benefit from rising rates. As well, we favor NRZ's ability to allocate capital
across strategies and differentiated ability to originate assets. Maintain
Outperform rating and $13 PT.