PennyMac Financial price target lowered to $105 from $110 at Wells Fargo

Wells Fargo lowered the firm’s price target on PennyMac Financial to $105 from $110 and keeps an Overweight rating on the shares. There was a lot to like in the quarter including a 15% operating ROE and better than expected production earnings while servicing continues to be an important contributor, the analyst tells investors in a research note.