Zacks.com has given Flagstar Bancorp Inc., a major mortgage lender based in Troy, Mich., its #5 (Strong Sell) rank.Zacks, the online component of Zacks Investment Research, Chicago, said Flagstar has fallen short of earnings expectations for five consecutive quarters. It recently reported third-quarter earnings of $0.15 per share, far below analysts' expectations of $0.42 per share, Zacks.com said. "Three of the six covering analysts reacted by cutting their full-year forecasts," Zacks said. "The new consensus forecast for 2005 profits of $1.33 per share is 47 cents below the level of two months ago." The online research company can be found on the Web at http://www.zacks.com.
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