Wednesday, July 06, 2022 10:15:29 AM
Jul. 06, 2022 8:22 AM ETRocket Companies, Inc. (RKT)By: Max Gottlich, SA
https://seekingalpha.com/news/3854535-rocket-companies-stock-climbs-after-wells-fargo-upgrades-to-overweight
Rocket Companies (NYSE:RKT) shares are rising 4.5% in Wednesday premarket trading after Wells Fargo analyst Donald Fandetti upgraded the fintech to Overweight from Equal Weight.
Fandetti pointed out that Rocket (RKT), which is known for its tech-driven mortgage lending business Rocket Mortgage, stands to benefit from the "dislocation" in the residential mortgage market, he wrote in a note to clients.
"We now see a better risk/reward for the stock in a sector where negative sentiment may have peaked," Fandetti said. "And as capacity comes out of the origination market, we should see margins further stabilize and at some point increase modestly," he added.
Furthermore, Rocket (RKT) could be poised to gain market share over time given its scale, while "many mortgage companies continue to struggle and lose market share, as well as be forced to sell attractive mortgage servicing right," the note said. Fandetti is expecting Rocket's market share to fall to 6.6% in 2022 from 8.8% in 2021 and then ticking up to 6.7% in 2023.
In turn, the analyst is lifting his 2023 EPS estimate to $0.75 vs. $0.65 in the prior view. By comparison, a group of 15 analysts see next year's EPS at $0.74, a Y/Y jump of 108.54%.
In the beginning of June, SA's Quant Rating viewed Rocket Companies stock at high risk of performing badly due to declining growth and decelerating momentum.
"Then there was a woman, a lion of a woman."
Recent RKT News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/12/2024 08:11:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/11/2024 08:19:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/11/2024 08:18:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/11/2024 08:18:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/11/2024 08:17:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/11/2024 08:17:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/11/2024 08:17:01 PM
- Rocket Companies Leaders Unveil Long-term Growth Strategy at Inaugural Investor Day • PR Newswire (US) • 09/10/2024 12:00:00 PM
- Mortgage Technology Veteran Dan Sogorka to Lead Rocket's Broker Business Into AI-Driven Revolution • PR Newswire (US) • 09/03/2024 05:20:00 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 08/30/2024 08:08:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 08:36:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 08:35:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 08:33:02 PM
- Rocket Companies to Host Investor Day on Tuesday, September 10, 2024 • PR Newswire (US) • 08/26/2024 08:05:00 PM
- Rocket Mortgage's "Welcome Home RateBreak" Unlocks the Door to Lower Mortgage Payments and Thousands in Savings for Homebuyers • PR Newswire (US) • 08/26/2024 01:00:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/06/2024 08:39:47 PM
- Rocket Mortgage Announces "The Rocket Comedy Tour" in Partnership with Comedian Mike Young • PR Newswire (US) • 08/06/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 09:25:42 PM
- Rocket Companies Announces Second Quarter 2024 Results • PR Newswire (US) • 08/01/2024 08:05:00 PM
- A Decade of Excellence: Rocket Mortgage Named #1 for Client Satisfaction in Mortgage Servicing by J.D. Power for the 10th Year • PR Newswire (US) • 07/25/2024 12:13:00 PM
- Rocket Companies to Announce Second Quarter 2024 Results on August 1 • PR Newswire (US) • 07/18/2024 08:05:00 PM
- The Jeep® Wagoneer S Launch Edition Makes First Public Appearance at the Rocket Mortgage Classic in Detroit from June 25 - June 30 • PR Newswire (US) • 06/24/2024 05:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/18/2024 09:57:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 10:02:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/11/2024 09:07:21 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM