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Fly News Breaks for September 16, 2019
PFSI
Sep 16, 2019 | 06:44 EDT
Piper Jaffray analyst Kevin Barker reiterates an Overweight rating on PennyMac Financial and raised his price target for the shares to $40 from $38 following recent meetings with management. The analyst has confidence that PennyMac can generate one of its best quarters ever, with his earnings per share estimate exceeding $1.20 and origination volumes approaching $30B. The growth in origination volumes is a testament to the company's ability to scale up when demand is elevated due to its centralized origination workflow, Barker tells investors in a research note. PennyMac is the best positioned company to take advantage of a favorable mortgage market and the shares are "very attractive" at current levels, contends the analyst.
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