LDI - loanDepot PT lowered to $6 by Piper Sandler analyst

Piper Sandler analyst Kevin Barker lowered loanDepot's (LDI -2.8%) price target to $6 from $7 and keeps an overweight rating on the shares. The analyst expects Q1 mortgage banking earnings to be under pressure due to margin compression and increasing competitive pressures across all channels due to reduced seasonal demand combined with excess capacity. Barker mentions, "with valuation support, relatively large servicing fee streams, and the potential for company-specific catalysts." Agency mortgage real estate investment trusts also will see book value pressure due to spread widening, Barker contends. Currently, the stock is trading at $4 and has seen a 80% drop in price over the last one year. Comparative rating of the stock against peers

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loanDepot PT lowered to $6 by Piper Sandler analyst