UWM Holdings initiated with an Equal Weight at Stephens

Stephens initiated coverage of UWM Holdings (UWMC) with an Equal Weight rating and $4 price target UWM is one of the largest mortgage originators in the U.S., focused entirely on the wholesale channel, primarily supporting brokers, the analyst tells investors in a research note. Stephens sees the company’s share gains driving modest growth in the current backdrop. It does not see UWM’s profitability “expanding dramatically,” noting its servicing portfolio has contracted in recent years.