Fly News Breaks for May 4, 2018
May 4, 2018 | 06:16 EDT
Wells Fargo analyst Michael Kaye downgraded PennyMac Financial to Market Perform from Outperform and lowered his price target for the shares to $21 from $28. The analyst attributes lower gain-on-sale and higher operating expenses for the earnings miss in Q1. With interest rates rising "rapidly," the mortgage market has become more challenging than we originally projected, Kaye tells investors in a research note. He notes that lower industry-wide origination volume has led competitors to compress pricing in order to fight for dampening lending volumes. Kaye says PennyMac is "not immune" to the "tough" market conditions.
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