Piper Sandler raised the firm’s price target on PennyMac Financial to $110 from $100 and keeps an Overweight rating on the shares. PennyMac had another good quarter, producing better than expected GAAP and operating EPS while attaining a 15%+ operating ROTE, the analyst tells investors in a research note. Management commentary was upbeat about the outlook for 2024 with servicing income continuing to grow and production volume poised to improve from multi-decade lows in 2023, the firm adds.
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