Blend Labs price target raised to $3 from $2 at Canaccord

Canaccord raised the firm’s price target on Blend Labs to $3 from $2 and keeps a Hold rating on the shares. The firm said against the backdrop of what is a historically very tough mortgage market, they are encouraged by the execution we saw in 2023 and expect it to continue in 2024. Canaccord said Blend’s ability to grow its market share in such an environment is a clear sign of how levered the business model is to any uptick in mortgage volumes.