** Brokerage BofA Global Research upgrades mortgage lender Rocket Companies RKT.N to "buy" from "neutral" and raises PT to $24 from $21

** Shares of RKT rise 2.6% to $21 premarket

** New PT represents a 17.2% upside to the stock's last close

** "We see Rocket as a strong beneficiary of rate cuts as it will likely spur an increase in both purchase and refi (refinancing) volumes," BofA says

** Brokerage sees the close of the Mr Cooper COOP.O acquisition as a positive near-term catalyst

** "Current mortgage rates at 6.55% are at the lowest level since Feb 2023 and we think RKT would see an even more meaningful uplift to volumes as mortgage rates drift lower"- BofA

** As of last close, RKT stock was up 92% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))