PennyMac Financial upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded PennyMac Financial (PFSI) to Outperform from Market Perform with a $114 price target The firm cites valuation for the upgrade following the recent selloff in the shares. Title insurers have fallen more meaningfully since April 2 versus the S&P 500, down 10%, the analyst tells investors in a research note. Since a weakening economy usually results in lower rates and is positive for title insurers, Keefe assume the declines are due to concerns about commercial activity, the analyst tells investors in a research note. The firm thinks title insurers are well positioned to benefit if lower interest rates in 2025 provide incremental support to purchase volumes.