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.
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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
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