UWMC - UWM Holdings rated Hold in new coverage at Jefferies

phototechno/iStock via Getty Images Jefferies analyst Ryan Carr initiates coverage of UWM Holdings ([[UWMC]] +1.4%) at Hold, noting its current valuation appears fair as he doesn't expect normalized margins by next year. While the mortgage orginator's model and technology "uniquely" positions it to benefit for wholesale channel expansion, wholesale competition remains "fierce/uncertain," Carr writes in a note to clients. Still, the analyst expects sustainable long-term share and volume growth, "similar to 2020's trajectory." Sets price target of $9.50, which compares with recent price of $9.20. Carr's Hold rating contrasts with the average analyst estimate of Bullish (2 Very Bullish, 2 Bullish, 3 Neutral). Though both UWMC and peer RKT stocks have had their ups and downs in the past year, overall both have lagged the S&P 500 during the period. Last month, SA contributor Dean Young explains why he considers UWMC as positioned better than Rocket Mortgage.

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UWM Holdings rated Hold in new coverage at Jefferies