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PennyMac Financial price target lowered to $121 from $125 at Piper Sandler

Piper Sandler lowered the firm’s price target on PennyMac Financial (PFSI) to $121 from $125 and keeps an Overweight rating on the shares. The firm notes PennyMac posted an operating miss driven by lower gain on sale income, partially offset by higher servicing fees. While the operating miss and ROE was disappointing, Piper remains positive long-term given the balanced model and the company’s ability to outperform and take advantage of episodic rate moves.

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