Rocket Companies shares are trading lower after Keefe, Bruyette & Woods downgraded the stock from Market Perform to Underperform and announced a $10.75 price target. Also, Wells Fargo downgraded the stock from Overweight to Equal-Weight.
Portfolio Pulse from Benzinga Newsdesk
Rocket Companies' stock (RKT) trades lower following downgrades by Keefe, Bruyette & Woods and Wells Fargo. Keefe, Bruyette & Woods downgraded RKT from Market Perform to Underperform with a $10.75 price target, while Wells Fargo shifted from Overweight to Equal-Weight.
January 03, 2024 | 4:13 pm
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Rocket Companies' stock is expected to face downward pressure in the short term due to the negative sentiment from analyst downgrades by Keefe, Bruyette & Woods and Wells Fargo.
Analyst downgrades typically lead to a negative short-term reaction in the stock market as they suggest a bearish outlook on the company's future performance. The specific downgrades from 'Market Perform' to 'Underperform' and from 'Overweight' to 'Equal-Weight' indicate a significant shift in expectations, which is likely to influence investor sentiment and could result in a decrease in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100