The Fly

PennyMac Mortgage downgraded to Hold from Buy at JonesTrading

JonesTrading analyst Jason Stewart downgraded PennyMac Mortgage Investment Trust to Hold from Buy without a price target. The shares have traded up 33% from the October lows and are now valued roughly in line with peers, Stewart tells investors in a research note. Meanwhile, mortgage credit is "entering a challenged environment" as unemployment rises, says the analyst. He believes PennyMac Mortgage shares are lacking a catalyst.

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