Rocket Companies upgraded to Market Perform from Underperform at Keefe Bruyette

Keefe Bruyette analyst Bose George upgraded Rocket Companies to Market Perform from Underperform with a price target of $17, up from $10.75. While the firm believes the recent decline in interest rates will primarily benefit the purchase market, it thinks the improved sentiment around mortgage volumes should support Rocket’s valuation multiple closer to current levels. The analyst cites an improving market backdrop for the upgrade post the company’s Q2 report.