Barclays analyst Mark DeVries raised the firm’s price target on PennyMac Financial to $69 from $58 and keeps an Equal Weight rating on the shares. The company’s margins softened in all three origination channels, which drove the Q4 miss, the analyst tells investors in a research note. With potential downside to earnings if rate volatility returns, the analyst views the risk/reward for PennyMac as balanced.
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Published first on TheFly
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