Rocket Companies Inc (RKT)

Rocket Companies Inc (RKT) stock dropped by 5.02% due to a recent analyst downgrade. The rating for Rocket Companies Inc was downgraded from Neutral to Underweight, with the price target raised from $8.50 to $10.50. The analyst mentioned that Rocket Companies' stock appears to have already factored in the potential for higher volumes in 2024/25. While acknowledging the company's long-term potential in the mortgage sector and the possibility of an earnings rebound driven by lower interest rates leading to increased refinance volumes, the analyst believes that the current valuation of the stock already accounts for the best-case Total Addressable Market (TAM), market share, and margin scenarios. This analyst rating downgrade played a significant role in Rocket Companies Inc's stock decline.