Piper Sandler lowered the firm’s price target on PennyMac Financial (PFSI) to $137 from $168 and keeps an Overweight rating on the shares. PennyMac posted a wide operating miss driven by significantly lower servicing income as prepay speeds increased and drove elevated amortization, the firm says. Piper views this as a very disappointing quarter and notes the stock is trading down 23% after hours.
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