UWM Holdings Corporation (UWMC), a leading mortgage lender, saw its shares surge 5.02% in Monday's intraday trading session. The rally was fueled by an analyst upgrade and optimistic projections for the company's performance in the normalizing mortgage market.
Keefe, Bruyette & Woods (KBW) upgraded UWMC's stock to "Outperform" from "Market Perform" and raised the price target to $7.50, representing a 19.4% upside from the previous close. The brokerage firm cited the recent stock decline as overdone and highlighted UWMC's attractive valuation compared to its peer, Rocket Companies (RKT). KBW believes that UWMC is well-positioned to benefit from a stabilizing mortgage market, given its dominant position in the purchase market and increasing share in the refinancing market.
Analysts are optimistic about UWMC's prospects, with three out of twelve brokerages rating the stock as "Buy" or higher. The mean price target among analysts stands at $7, indicating further upside potential for the stock.
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