Rocket Companies price target lowered to $16 from $17 at Piper Sandler

Piper Sandler lowered the firm’s price target on Rocket Companies (RKT) to $16 from $17 and keeps a Neutral rating on the shares following Q3 earnings. The firm notes the company produced relatively in-line results driven by slightly higher expenses and lower gain on sale margins, offset by higher volume as Rocket continues to drive further market share gains. Guidance for Q4 indicates adjusted revenue to be about 15% lower than Q3 at the mid-point as management expects pressure on volumes coupled with expenses remaining elevated, partially offset by higher margins, Piper adds.