Keefe Bruyette downgraded Rocket Companies to Underperform from Market Perform with an unchanged price target of $10.75. The analyst cites valuation and on the company’s relative weakness in the purchase market for the downgrade. The firm expects mortgage volumes to remain weak in 2024, but says to the extent they come in stronger than currently expected, higher volumes are likely to be driven by a stronger purchase market. It believes Rocket’s weaker position in the purchase market puts it at a relative disadvantage to peers in the near-to-medium term.
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