Keefe Bruyette upgraded PennyMac Mortgage (PMT) to Outperform from Market Perform with an unchanged price target of $13.50. The firm is most constructive on the agency mortgage-backed securities real estate investment trusts heading into 2026. PennyMac Mortgage should benefit from the steepening curve and the increase in non-agency originations at its parent company, the analyst tells investors in a research note.
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