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UPDATE: Jefferies Raises PT on PennyMac Investment Trust Following Strong 2Q Beat

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In a report published Friday, Jefferies analyst Daniel Furtado reiterated a Buy rating on PennyMac Mortgage Investment Trust (NYSE: 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.

Latest Ratings for PMT

DateFirmActionFromTo
Oct 2016WedbushInitiates Coverage onNeutral
Aug 2016Keefe Bruyette & WoodsMaintainsOutperform
Jul 2016BarclaysMaintainsEqual-Weight

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