Piper Sandler analyst Kevin Barker last night downgraded PennyMac Mortgage to Neutral from Overweight with a price target of $15, down from $16. The analyst believes the stock is closer to fair value relative to peers. In addition, Piper continues to expect interest rate volatility in the near-medium term through an uncertain economic environment. This is likely to cause PennyMac to remain conservative by reducing leverage, creating limited upside potential to earnings over the next few quarters, the firm tells investors in a research note.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on PMT: