Shares of Rocket Companies (RKT) are soaring 5.01% in Tuesday's intraday trading session, as multiple analysts raise their price targets for the mortgage lender. The stock's upward momentum comes on the heels of positive adjustments from prominent financial institutions.
UBS has taken a bullish stance on Rocket Companies, raising its price target to $16 from $14, while maintaining a neutral rating. This adjustment represents a significant vote of confidence in the company's near-term prospects. Similarly, Keefe Bruyette has increased its price target to $15 from $14, keeping a Market Perform rating on the shares.
Despite the optimistic price target revisions, the overall sentiment remains cautious. According to analysts polled by FactSet, Rocket Companies maintains an average rating of "hold" with a mean price target of $15.75. The recent surge in stock price, coupled with these upward revisions, suggests that investors are responding positively to the improving outlook for Rocket Companies in the second half of the year.