On Wednesday, RBC Capital updated its outlook on Rocket Cos Inc. (NYSE: RKT), reducing its price target to $18.00 from the previous $20.00.

The firm maintained its Sector Perform rating on the company’s stock. The adjustment follows Rocket’s third-quarter results for 2024, which surpassed both the firm’s and Wall Street’s expectations in terms of adjusted revenue and EBITDA.

The company reported a significant 28% year-over-year increase in origination volume, marking a notable improvement from the 10% growth seen in the previous quarter. This growth occurred despite the volatile environment surrounding loan originations. Rocket’s performance indicates a robust demand for its services and an ability to capture market…