Piper Sandler Lowers PennyMac Financial Price Target After Quarterly Miss; Overweight Rating Held
Piper Sandler reduced its price target on PennyMac Financial to $137 from $168 while keeping an Overweight rating after the mortgage lender reported a notable operating shortfall. The downgrade follows weaker servicing income driven by higher prepayment speeds and elevated amortization, and comes amid negative free cash flow and downticked return-o…