Wells Fargo analyst Donald Fandetti lowered the firm’s price target on PennyMac Mortgage (PMT) to $12 from $13 and keeps an Equal Weight rating on the shares. The firm notes core EPS of 19c came in well below estimates on higher MSR runoff. Run-rate EPS guidance was lowered to 31c/quarter from 40c/quarter, below the 40c dividend, Wells adds.
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