Keefe Bruyette upgraded PennyMac Financial (PFSI) to Outperform from Market Perform with an unchanged price target of $115. The firm cites valuation for the upgrade with 38% upside to the price target PennyMac is trading at one-times Q4 tangible book value and Q1 estimated book value, the analyst tells investors in a research note. Keefe says the stock’s price/book multiple is at the lowest level since 2022, when the Federal Reserve was raising interest rates sharply. It sees limited downside from current share levels.
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