BTIG lowered its UWMC price target to $4 from $10 while maintaining a Buy rating amid a tougher interest rate environment.
BTIG reduced its price target for UWM Holdings Corporation (NYSE:UWMC) to $4 from $10, citing a more challenging interest rate landscape than previously expected. The firm reaffirmed its Buy rating but noted weakened profitability due to persistently high mortgage rates.
Earlier, Keefe Bruyette suggested UWMC could benefit from not securing the Two Harbors deal, as the company did not submit an updated proposal. UWMC also recently cut its dividend, though analysts still see significant upside potential.
UWM Holdings specializes in residential mortgage lending, primarily originating conforming and government loans. Despite the revised outlook, BTIG remains optimistic about mortgage originators with diversified business models.