Blend Labs upgraded to Buy from Hold at Canaccord

Canaccord upgraded Blend Labs to Buy from Hold with a price target of $4.75, up from $3. With a Federal Reserve rat cut now widely expected in September and mortgage rates already moving down, last week saw a 16% spike refinance applications versus the week prior according to the Mortgage Bankers Association, and refi applications are now trending 60% higher than a year ago, the analyst tells investors in a research note. Against this potentially improving macro backdrop, the firm sees Blend as “better positioned than ever to materially participate if/when we see a sustainable uptick to the mortgage market.”