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Deutsche Bank upgraded Rocket Companies to a buy rating, maintaining a $16 price target, following its proposed $9.4 billion acquisition of Mr. Cooper Group. This strategic move is expected to significantly enhance Rocket's market share and stabilize earnings, with projected earnings per share growth of 38% by 2027. The combined entity is anticipated to capture 17% of the mortgage service market and generate $500 million annually before taxes through cost savings and income growth.
Rocket Cos Inc. shares surged 13% after Deutsche Bank upgraded the stock from Hold to Buy, raising the price target to $16 from $14. The upgrade follows the company's $9.4 billion acquisition of Mr. Cooper Group, which is expected to enhance market share and provide significant earnings per share accretion by 2027, while also stabilizing earnings during slower mortgage origination periods.
Deutsche Bank has upgraded Rocket Cos Inc. to a "Buy" rating with a target price of $16, following its $9.4 billion acquisition of Mr. Cooper Group, which is expected to enhance market share and stabilize earnings. The acquisition could lead to a 38% increase in earnings per share by 2027 and aims to position Rocket as a leading mortgage servicer with a projected 17% market share. Despite some analysts maintaining lower ratings, the strategic move is seen as pivotal for Rocket's long-term objectives and financial growth.
Mark Devries
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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