PennyMac Mortgage price target lowered to $15 from $16 at B. Riley

B. Riley analyst Matt Howlett lowered the firm’s price target on PennyMac Mortgage to $15 from $16 and keeps a Buy rating on the shares post the Q2 report. The new target reflects PennyMac’s “disappointing” results, particularly in the interest rate-sensitive strategies and weakened run-rate guidance, the analyst tells investors in a research note.