New Century Financial "buy," target price raised -update

06/17/03 - Roth Capital

NEW YORK, June 17 (New Ratings) — Analyst Richard A Eckert of Roth Capital Partners reiterates his "buy" rating on New Century Financial (NCEN), while raising his estimates for the company. The target price has been raised from $54 to $55.

In a research note published this morning, the analyst mentions that New Century Financial has reported impressive loan volumes for May, while raising its production guidance for 2003. In addition, Roth Capital Partners expects the company's stock to benefit significantly from its increasing market shares and a diversified revenues base over the next year. The EPS estimates for 2003 and 2004 have been raised from $9.00 to $9.25 and from $9.25 to $9.30, respectively.