UPDATE: Argus Downgrades Rocket Cos Inc. (RKT) to Hold
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Argus analyst Kevin Heal downgraded Rocket Cos Inc. (NYSE: RKT) from Buy to Hold.
The analyst comments "We are lowering our rating on Rocket Companies Inc. (NYSE: RKT) to HOLD from a BUY. RKT is the largest U.S. mortgage originator, with approximately 10% of the overall market. The company employs a direct-to-consumer model, in which borrowers work directly with Rocket. It also has a growing wholesale business that uses independent mortgage brokers as its salesforce. In addition, the company has broadened its business to include personal loans and mortgage processing, as well as Rocket Auto, an automotive retail marketplace, and TrueBill, a recently acquired personal finance app. In an effort to capture market share in a rising rate environment, Rocket has also formed partnerships with Morgan Stanley and Salesforce that will allow other lenders to use Rocket's technology."
Shares of Rocket Cos Inc. closed at $9.47 yesterday.
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Related EntitiesMorgan Stanley, Argus
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