Benchmark initiated coverage of Rocket Companies with a Buy rating and a $21 price target on June 30, citing favorable mortgage rates and the potential for Rocket to become one of the two leading real estate portals over the next decade. The brokerage believes housing platforms that combine artificial intelligence, vertical integration, and the ability to convert intent into transactions will win the industry competition, giving Rocket a major advantage over traditional providers. Rocket has demonstrated openness to industry partnerships to advance its goals and reduce risks, while also seeking to expand market share across purchase and refinancing segments. The stock is up more than 20% over the past month and is held by 112 hedge funds, with Slate Path Capital holding a 4.9% stake in its reported equity portfolio.
Rocket Companies IncBenchmark initiated coverage with a Buy rating and $21 price target, a positive analyst valuation call.