Rocket Companies to $22 Target, PennyMac to $115; Qualcomm Downgraded to Sell
Keefe Bruyette raised Rocket Companies to Outperform at $22 and PennyMac Financial to Outperform at $115, while Berenberg and Clear Street boosted Ecolab’s and Circle Internet’s targets to $326 and $136. Seaport cut Qualcomm to Sell at $100 over memory concerns, and Argus and Jefferies downgraded Adobe, Incyte and Alnylam.
1. Top Upgrades
Keefe Bruyette upgraded Rocket Companies to Outperform at $22 citing undervaluation after a 25% year-to-date decline, and lifted PennyMac Financial to Outperform at $115 for 38% upside. Berenberg raised Ecolab to Buy at $326 expecting sustained pricing power, Arete moved Trade Desk to Neutral at $25, and Clear Street set Circle Internet to Buy at $136 on crypto and AI-stablecoin adoption drivers.
2. Top Downgrades
Seaport Research downgraded Qualcomm to Sell with a $100 target over looming memory-supply constraints and shrinking addressable markets. Argus cut Adobe to Hold following 12% operating income growth and the departure of its 18-year CEO, while Jefferies downgraded Incyte to Hold at $94 and Alnylam to Hold at $330 due to patent cliff concerns and elevated valuations.