UPDATE: JPMorgan Downgrades Home Point Capital Inc. (HMPT) to Underweight
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JPMorgan analyst Richard Shane downgraded Home Point Capital Inc. (NASDAQ: HMPT) from Neutral to Underweight.
The analyst comments "Home Point is a non-bank residential mortgage originator with a primary focus on the wholesale channel. It leverages broker partners to establish and maintain relationships with end borrowers. We note HMPT’s relatively higher exposure to ongoing competition in the wholesale channel as the industry faces volume and margin contraction. Despite the deep value trading level, we see limited catalysts for growth, margin rebound or multiple expansion over the next 6 to 12 months and believe near-term profitability may remained challenged."
Shares of Home Point Capital Inc. closed at $4.83 yesterday.
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