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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PFSI:
- PFSI Earnings this Week: How Will it Perform?
- The housing finance stocks to own in 2024, according to Wedbush
- Apple downgraded, Home Depot upgraded: Wall Street’s top analyst calls
- Deutsche starts consumer, specialty finance group with 8 buys, 8 holds
- PennyMac Financial initiated with a Buy at Deutsche Bank
