Wells Fargo raised the firm’s price target on Rocket Companies (RKT) to $19 from $17 and keeps an Equal Weight rating on the shares. The firm notes that tone on Q1 volumes was positive and gain-on-sale margins should be relatively steady quarter-over-quarter. Wells also believes the company is ahead of pace on synergies for the Mr Cooper and Redfin acquisitions. The Compass strategic partnership should drive more origination volumes as they leverage preferred pricing.
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