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Fly News Breaks for December 15, 2016
PFSI
Dec 15, 2016 | 07:35 EDT
BofA/Merrill analyst Kenneth Bruce downgraded PennyMac Financial to Underperform and lowered its price target to $17.50 from $18.50. The analyst sees risk to mortgage related stocks in a rising rate environment with increased volatility as rate sensitive assets erode book value and a flatter yield cure pressures earnings. The firm believes deflation has peaked, and the expected unwind will result in sector rotation out of bonds.
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