LDI - Rocket Companies stock slides after Q1 earnings disappoint Citi downgrade

Rocket Companies (NYSE:RKT) stock drops 10% in Wednesday premarket trading after online lender's Q1 results trailed the consensus estimates and Citi analyst Arren Cyganovich downgraded the stock to Neutral from Buy While he's still optimistic about Rocket's (RKT) ability to increase market share due to its position as a differentiated technology-focused mortgage lender with a recognizable brand, "the near-term mortgage picture is more challenging than we expected." Cyganovich prefers to wait on the sidelines until excess mortgage lending capacity eases. "As profitability likely will be pressured in the coming quarters, we believe it will be difficult for the stock to re-rate higher," he wrote in a note to clients. He lowered his price target for Rocket (RKT) to $8 from $14. The Citi analyst also downgraded loanDepot (LDI) to Sell as Q1 results disappointed amid lower production and margins. The Neutral rating for Rocket (RKT) contrasts with the Quant rating of

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Rocket Companies stock slides after Q1 earnings disappoint, Citi downgrade