PennyMac Financial downgraded at JMP Securities following 50% rally

As previously reported, JMP Securities analyst Trevor Cranston downgraded PennyMac Financial to Market Perform from Outperform with no price target, telling investors that he views the shares as fairly valued after rallying roughly 50% since September 30. While he continues to believe that PennyMac will remain "meaningfully profitable," he believes the share price is now fairly valued given shares have now nearly reached his prior $65 price target.