UPDATE: Rocket Cos Inc. (RKT) PT Raised to $24 at Morgan Stanley on Special Div ExDate

(Updated - March 9, 2021 8:28 AM EST)

Morgan Stanley analyst James Faucette raised the price target on Rocket Cos Inc. (NYSE: RKT) to $24.00 (from $23.00) on the back of the company's one time dividend. The special dividend of $1.11/share comes on the heels of strong 4Q where the company delivered quarterly profit of $2.3B, or $1.14/share in EPS, most of which management committed to pay back via special dividend of $1.11/share (record date 3/9, payable 3/23).

The analyst reiterated the Equalweight rating, stating "We think that capital returns (especially dividends) will be a key source of investor returns until investors develop more confidence in a stronger-for-longer mortgage market, and/or faster-than-expected market share gains, and/or sustainably better gain-on-sale margins. We estimate that the US mortgage market was $3.7T in 2020, and will generally decline in coming years, although reaching a more normalized level of ~$2T will likely be after 2023."

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