Keefe Bruyette analyst Jade Rahmani downgraded Walker & Dunlop (WD) to Market Perform from Outperform and lowered his price target for the shares to $64 from $65. While government-sponsored enterprise multifamily volumes are up 20% year-to date, they may decline in the second half to comply with the lending caps, Rahmani tells investors in a research note. He notes that Walker & Dunlop's profitability is highest in the GSE business, particularly Fannie Mae (FNMA). Further, the analyst believes the 2020 housing scorecard "creates further uncertainty" should the Federal Housing Finance Agency move to shrink the GSE's footprint.