Wedbush cuts PT on PennyMac on soured credit investments in Q3

PennyMac Mortgage Investment Trust

31/10/2022 10:56

** Wedbush cuts price target for PennyMac Mortgage
Investment Trust  PMT.N  to $16 from $17
    ** New PT at a 15% upside to stock's last close vs 22% for
previous PT
    ** On Thursday, co reported Q3 revenue of $476 mln, well
above Refinitiv IBES estimate of $407 mln  urn:newsml:reuters.com:*:nL1N31T1NQ
    ** But gains on investments in mortgage servicing rights
(MSRs) in Q3 were partially offset by credit investment losses,
brokerage says
    ** Co could also come under pressure to scale back
dividends, Wedbush adds
    ** YTD as of last close, PMT has lost nearly 20%
 (Reporting by Niket Nishant in Bengaluru)