Rocket Cos Inc. (RKT) PT Raised to $13 at Piper Sandler

Piper Sandler analyst Kevin Baker raised the price target on Rocket Cos Inc. (NYSE: RKT) to $13.00 (from $12.00) while maintaining a Neutral rating.

The analyst commented, "RKT produced better than expected earnings driven by higher volume and margins, generating positive operating earnings for the first time since 1Q22. The results were a welcomed reprieve for the company which demonstrated the ability to operate to profitable levels while the refinance market remains pressured. Guidance for 2Q indicates adjusted revenue to be relatively in-line with 1Q and consensus forecasts driven by higher volumes, offset slightly by a decline in margins. Management was upbeat on RKT's ability to generate efficiencies through technology initiatives while driving continued market share gains as banks pull back. While we expect earnings to move higher, we remain Neutral rated as we continue to see an extended timeline to generate 30%+ ROTE and justify the stock trading 3.7x P/TBV."

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