Piper Sandler lowered the firm’s price target on PennyMac Financial (PFSI) to $128 from $130 due to slightly lower tangible book value estimates, while keeping 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. However, the company maintained its ROE outlook of “mid-to-high teens” in 2025 despite the difficult mortgage environment.
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