JPMorgan reinstated coverage of Rocket Companies (RKT) with a Neutral rating and $24 price target after a period of restriction. The firm believes Redfin and Mr. Cooper “add important new revenue streams” to Rocket’s origination platform. JPMorgan is constructive on the company’s new strategy, but believes investors may be fully weighing lower rate scenarios and intermediate market share gains beyond the direct impact from the acquisitions.
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