SBEV - RKT Stock Price Prediction: What JPM Sees Ahead for Rocket Companies
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Rocket Companies (NYSE:RKT) stock is rising higher on a new price prediction from JPMorgan analyst Richard Shane.
Shane put out a price target of $15 per share of RKT stock. While that’s a drop from the analyst’s previous price prediction of $17.50 per share for the stock, it’s still above yesterday’s close. In fact, it represents a potential 15.6% upside for the stock.
The JPMorgan analyst also upgraded RKT stock alongside the new price prediction. Actually, it was a double upgrade with Shane placing a new outperform rating on the company. The previous rating from the analyst was underperform.
So how does this compare to the rest of Wall Street’s views on RKT stock? The outperform is above the consensus rating of hold, which comes from two buys and 11 holds. However, the price target is below the consensus of $18.46 per share.
Rocket Companies is a financial tech platform that offers various types of loans to customers. That includes home mortgages, auto loans, and more. Shane belives the company is poised for success with it being his top trade going into the Q4 earnings season.
The analyst upgrade and new price target have RKT stock seeing a decent amount of trading today. As of this writing, more than 3 million shares of the company’s stock have changed hands. For the record, its daily average trading volume is closer to 4.7 million shares.
RKT stock is up 3.2% as of Wednesday afternoon but is still down 9.1% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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