UWM Holdings assumed with an Equal Weight at Morgan Stanley

Morgan Stanley assumed coverage of UWM Holdings (UWMC) with an Equal Weight rating and a price target of $7.50, up from $6. The firm expects modest Q3 EPS beats at UWM and Rocket Companies (RKT) 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.