PennyMac Financial price target lowered to $125 from $128 at Piper Sandler

Piper Sandler lowered the firm’s price target on PennyMac Financial (PFSI) to $125 from $128 and keeps an Overweight rating on the shares. The firm notes that the macro environment continues to be a driving force in its coverage given rate volatility, elevated mortgage rates, and uncertainty around tariffs and economic growth. In addition, M&A and GSE reform are two key topics that will likely be discussed on upcoming earnings calls in the mortgage space.