Mr. Cooper price target raised to $120 from $113 at Piper Sandler

Piper Sandler raised the firm’s price target on Mr. Cooper (COOP) to $120 from $113 and keeps an Overweight rating on the shares. In the current higher for longer rate environment, the firm’s favorite mortgage name is Mr. Cooper with about 80% of its revenue coming from servicing revenue, which should outperform if rates remain elevated. In addition, Piper finds the stock valuation attractive at 8-turns 2025 earnings estimates while also generating mid-to-high teens ROEs in what has been a challenging mortgage environment.