RBC Capital analyst Daniel Perlin raised the firm’s price target on Rocket Companies to $20 from $16 and keeps a Sector Perform rating on the shares. The company’s Investor Day highlighted Rocket’s ecosystem and technology platform while showcasing its increasing capacity and gaining market share, the analyst tells investors in a research note. Rocket’s management targeted purchase origination market share of 8% and refinance share of 20% by 2027 vs. about a 4% and 12.3% in the first half of 2024 respectively, implying 2027 originations of $150B-$250B in a $2.5T normalized market, the firm added.
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