Wedbush raised the firm’s price target on PennyMac Financial to $105 from $85 and keeps an Outperform rating on the shares. The firm assumes that the company should continue to benefit from strong servicing profitability, but could also start to see upside from potential growth on the origination front. Wedbush believes that 2024 could see some incremental purchase volume growth if rates continue to move lower and/or stabilize.
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