JMP Securities analyst Trevor Cranston raised the firm’s price target on PennyMac Mortgage to $15 from $12.50 and keeps an Outperform rating on the shares. The second quarter was characterized by continued interest rate and agency MBS spread volatility, and the firm expects relatively small book value changes for most companies in the residential mortgage REIT space, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>