PennyMac Financial price target raised to $112 from $103 at Barclays

Barclays analyst Terry Ma raised the firm’s price target on PennyMac Financial to $112 from $103 and keeps an Overweight rating on the shares as part of a Q1 preview for the mortgage finance space. Seasonally lower Q1 volumes plus a 30-year mortgage rate that is 7% for the quarter should present challenges for volumes and margins in Q1 for the stocks more levered to originations, the analyst tells investors in a research note.