UWM Holdings upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Jeffrey Adelson upgraded UWM Holdings (UWMC) to Overweight from Equal Weight with a price target of $6.50, up from $6. With the prospect of lower rates comes additional refinance mortgage volumes, the analyst tells investors in a research note. The firm says that with the 10-year yield now at or just below 4%, and potentially lower from here, it prefers to be positioned for the prospect of another re-acceleration in refi volumes. It believes UWM is “positioning itself to grab its fair share of refi.”