JPMorgan downgrades Discover Financial, Rocket Mortgage, Enact Holdings as it eyes interest rate hikes
JPMorgan Chase analysts on Tuesday cut their ratings on three consumer finance companies after Federal Reserve Chairman Jerome Powell signaled the central bank’s determination to continue hiking interest rates.
JPMorgan analysts said Powell’s hawkish comments at Jackson Hole prompted them to update their valuations and ratings across the consumer finance space. Against this backdrop, JPMorgan kept its overweight rating on Guild Holdings Co. GHLD and its underweight view on Home Point Capital Inc. HMPT , but reduced its rating on Rocket Companies Inc. RKT to neutral from overweight.
JPMorgan cut its rating on Discover Financial Services DFS to neutral from overweight partly because a pullback across the space creates more attractive relative opportunities such as overweight-rated Capital One Financial Corp. COF . Also on the credit card front, JPMorgan reiterated neutral ratings on American Express Co. AXP and Synchrony Financial SYF .
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