PennyMac Mortgage price target lowered to $12.50 from $15.00 at JMP Securities

JMP Securities analyst Trevor Cranston lowered the firm’s price target on PennyMac Mortgage to $12.50 from $15.00 and keeps an Outperform rating on the shares. The first quarter was characterized by continued high levels of volatility, particularly toward the end of the quarter as regional banking issues amplified economic and Fed policy uncertainty, the analyst tells investors in a research note. The firm expects most morgtage REIT companies to report book value declines for the first quarter as a result of substantial spread widening subsequent to January.