Citi downgraded Rocket Companies to Sell from Neutral with a price target of $10, up from $9. The analyst cites valuation for the downgrade with the shares are up 52% over the past three months. While Rocket shares deserve a premium multiple given its strong brand and technology-forward approach to the mortgage market, the valuation “is too stretched at these levels,” 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>>
See today’s best-performing stocks on TipRanks >>
Read More on RKT:
- Short Report: Bears boost exposure to EV charging names
- Apple downgraded, Home Depot upgraded: Wall Street’s top analyst calls
- Deutsche starts consumer, specialty finance group with 8 buys, 8 holds
- Rocket Companies initiated with a Hold at Deutsche Bank
- Rocket Companies put volume heavy and directionally bearish