UWM Holdings upgraded to Equal Weight from Underweight at Barclays

Barclays upgraded UWM Holdings to Equal Weight from Underweight with a price target of $8, up from $6. The 30-year mortgage rate is down 74 basis points since Q2, resulting in refinance applications up 90% year-over-year, the analyst tells investors in a research note. The firm maintains its preference for balanced business models but recognizes the outlook is “incrementally more positive.” As such, it upgrades UWM to neutral.