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Why Shares of Rocket Companies Are Rising This Week

TheMotleyFool

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Why Shares of Rocket Companies Are Rising This Week: https://g.foolcdn.com/editorial/images/689017/generic-upward-8-getty.jpg

For the week, shares of Rocket Companies (NYSE: RKT) traded roughly 15% higher as of market close Thursday after an analyst upgraded the stock and assigned it a bullish rating.

Wells Fargo analyst Donald Fandetti upgraded Rocket from an equal-weight rating to overweight and lifted his earnings per share estimate from $0.65 to $0.75 in 2023.

Rocket has been sold off intensely as rising mortgage rates have sent mortgage activity plummeting and crushed Rocket's gain-on-sale margins. The stock is down more than 40% this year even after the rally this week. But Fandetti thinks the selling could be nearing an end.

Source Fool.com

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