PennyMac Mortgage price target lowered to $14.50 from $15 at Piper Sandler

Piper Sandler lowered the firm’s price target on PennyMac Mortgage to $14.50 from $15 and keeps a Neutral rating on the shares following Q2 earnings. PennyMac generated GAAP EPS of 17c versus the firm’s 31c estimate driven by fair value declines in the interest rate sensitive strategies as a result of elevated volatility and lower than expected CRT gains.

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