Wolfe Research downgraded Equifax (EFX) to Peer Perform from Outperform with a fair value range of $260-$300. The analyst believes the current macro and rate environment “paints a difficult path” for mortgage in 2025. Wolfe’s previous bullish view on Equifax centered around an improving mortgage environment in 2025, which it saw having positive impacts on revenue growth and margin expansion. However, given the current rate backdrop and outlook, it believes a material recovery in mortgage revenue is likely a 2026 event.
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