Morgan Stanley analyst Jeffrey Adelson assumed coverage of Rocket Companies (RKT) with an Equal Weight rating and a price target of $18, up from $11. The firm expects modest Q3 EPS beats at Rocket and UWM Holdings (UWMC) on stronger originations, but views a ramp in refinance as already captured in valuation, with near-term risk to volumes if rates stay near current levels.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RKT:
- Rocket Companies put volume heavy and directionally bearish
- Rocket Companies price target raised to $14 from $10 at Barclays
- Rocket Companies price target raised to $19 from $15 at JPMorgan
- Annaly Capital, Rocket Mortgage enter strategic subservicing relationship
- Rocket Companies price target raised to $14 from $11.50 at UBS