UWM Holdings downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded UWM Holdings (UWMC) to Equal Weight from Overweight with a price target of $6.50, up from $4.50. The firm says the shares of mortgage originators are now priced for lower mortgage rates, with some near-term valuation risk if long-term rates don’t follow the Federal Reserve. With UWM shares up 55% since the end of July, Morgan Stanley downgrades the stock on valuation.