LoanDepot Dips as Goldman Cuts to Sell on Fundamental Challenges

(Updates to add shares and analyst commentary.)

LoanDepot Inc. drops 5.1% in premarket trading on Tuesday after Goldman Sachs analyst Ryan Nash cut the recommendation to sell from neutral, saying that “we still think fundamentals in 2024 will be challenged.”

• “We estimate it won’t reach break even profit until mid-24, as volume (refi activity) and [gain on sale] margin remain under pressure,” the analyst writes
• Boosts price target to $3 from $1.75
  • Analysts have 1 buy, 4 hold, 2 sell ratings on LDI, according to data compiled by Bloomberg
• NOTE: Jan. 8, LoanDepot Shut Down Some Systems Due to Cybersecurity ...