PennyMac Financial price target raised to $150 from $135 at BTIG

BTIG analyst Eric Hagen raised the firm’s price target on PennyMac Financial (PFSI) to $150 from $135 and keeps a Buy rating on the shares. Most mortgage lenders and servicers should expect earnings upside from “low(er)” interest rate volatility, argues the analyst, who sees improved visibility for GAAP book value to get up near $100 per share by the end of 2026 if low interest rate volatility helps contribute to more moderate and predictable hedging costs.