Rocket Companies upgraded to Neutral at BofA on ‘more palatable’ valuation

BofA analyst Mihir Bhatia upgraded Rocket Companies (RKT) to Neutral from Underperform with a $15 price target With shares now trading “well below” the September peak, the firm thinks the valuation is “more palatable” and “nicely balanced” in terms of upside and downside risks, the analyst tells investors. A more favorable rate environment could cause originations to tick up and see Rocket’s operating leverage “come to the fore,” the analyst tells investors.