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PennyMac Mortgage price target lowered to $13 from $14 at Wells Fargo

Wells Fargo analyst Michael Kaye lowered the firm’s price target on PennyMac Mortgage (PMT) to $13 from $14 on lower BVPS and an earnings run-rate below the dividend, while keeping an Equal Weight rating on the shares. The firm notes EPS fell slightly short of its/consensus’ estimates.

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