BofA upgraded Rocket Companies (RKT) to Buy from Neutral with a price target of $24, up from $21. The analyst cites BofA’s updated Federal Reserve rate cut forecast for the upgrade. The firm now expects two rate cuts this year from none previously and three more next year. Rocket is a “strong beneficiary” of rate cuts, as they will drive both purchase and refinance mortgage volumes, the analyst tells investors in a research note. Rate cuts could help unlock refinance mortgages, where the company has 10% market share, contends BofA.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RKT: