UPDATE: Jefferies Reiterates Buy Rating, Raises PT on PennyMac Investment Trust Following Strong 2Q Beat

In a report published Friday, Jefferies analyst Daniel Furtado reiterated a Buy rating on PennyMac Mortgage Investment Trust PMT, and raised the price target from $23.00 to $24.00. In the report, Jefferies noted, “PMT reported a 2Q beat largely on the back of strong correspondent volumes and healthy margins. Opportunities remain plentiful, including a potential jumbo securitization, excess MSR I/O investment , and strong pipeline of distressed assets. We see the company performing well in an up-rate environment and reiterate our Buy rating.” PennyMac Mortgage Investment Trust closed on Thursday at $22.79.