UBS lowered the firm’s price target on Rocket Companies (RKT) to $13 from $14 and keeps a Neutral rating on the shares as part of a Q1 mortgage banking preview. The environment continued to be more favorable for servicing earnings than originations in Q1 as seasonality weighed on volumes in the quarter, the analyst tells investors in a research note. The firm says that while there is downside risk to Q1 funded volume estimates, the late quarter pickup in refinance volume should benefit lock volume and reduces the risk to estimates.
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Read More on RKT:
- Redfin price target raised to $12.50 from $8 at RBC Capital
- Rocket Companies call volume above normal and directionally bullish
- Largest borrow rate increases among liquid names
- Rocket Companies price target raised to $15 from $14 at Keefe Bruyette
- Mr. Cooper price target raised to $147 from $130 at Barclays
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