UWM Holdings upgraded to Market Perform from Underperform at Keefe Bruyette

Keefe Bruyette upgraded UWM Holdings to Market Perform from Underperform with an unchanged price target of $6. While further multiple expansion is unlikely for the shares given Keefe’s expectation for another weak mortgage market in 2024, the price target’s 12-month total return estimate is roughly in line with the current share price, the analyst tells investors in a research note. It cites valuation for the upgrade.