BUZZ-Mortgage lender UWM rises after KBW upgrades to 'outperform'

Shares of mortgage lender UWM Holdings UWMC.N rise 3.8% to $6.52

KBW upgrades UWMC shares to "outperform" from "market perform;" raises PT to $7.50 from $6.50, a 19.4% upside to last close

Brokerage says the stock decline since Q4 earnings is overdone, adding that UWMC shares look attractive compared to peer Rocket Companies RKT.N

UWMC appears poised to be one of the main beneficiaries of a normalizing mortgage market given its dominant position in the purchase market and increasing share in refinancing market — KBW

Three of 12 brokerages rate the stock "buy" or higher, seven "hold" and two "sell;" median PT is $7 — LSEG data

UWMC stock up 12% YTD