Keefe Bruyette downgraded PennyMac Financial to Market Perform from Outperform with a price target of $95, up from $88. Despite the recent decline in interest rates, the recently published KBW economic baseline assumes mortgage volumes remain weak through 2025 as long rates decline only modestly, the analyst tells investors in a research note. The firm cites mainly valuation for the downgrade. Keefe believes PennyMac shares are currently trading near fair value as it says further multiple expansion is unlikely unless interest rates fall further.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on PFSI:
- PennyMac Financial price target raised to $105 from $85 at Wedbush
- PennyMac Financial director Kinsella sells 10,000 common shares
- PennyMac Financial initiated with neutral view at UBS, here’s why
- PennyMac Financial CFO Perotti sells 7,600 common shares
- Block upgraded, Bristol Myers downgraded: Wall Street’s top analyst calls
