UWM Holdings should be bought on earnings selloff, says BTIG

BTIG recommends adding to UWM Holdings (UWMC) following yesterday’s 6% post-earnings correction. The selloff was due to an expense-driven earnings miss in Q4, which is less impactful than a falloff in demand, the analyst tells investors in a research note. BTIG says UWM’s demand has stayed relatively strong with mortgage rates above 6.5%, and conditions which are still supportive for the company generating cash flow. It views the selloff as temporary and keeps a Buy rating on the shares with a $10 price target