Walker & Dunlop

WD · NYSE

$33.43+$1.76 (+5.56%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $31.67

WD analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $58.14 (+73.9% upside)

Low: $55.55
Now: $33.43
High: $61.95

Upgrades and downgrades

The latest rating actions, newest first

WD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citizens	Oct 16, 2026	Maintains	Market Outperform	$55.00 → $50.00	26%
Keefe, Bruyette & Woods	Oct 9, 2026	Maintains	Outperform	$57.00 → $45.00	51%
Citizens	Aug 18, 2026	Maintains	Market Outperform	$70.00 → $55.00	26%
Keefe, Bruyette & Woods	Aug 7, 2026	Maintains	Outperform	$63.00 → $57.00	51%
Keefe, Bruyette & Woods	May 8, 2026	Maintains	Outperform	$65.00 → $67.00	51%
Stephens & Co.	Apr 24, 2026	Initiates	Overweight	$69.00	59%
Keefe, Bruyette & Woods	Feb 27, 2026	Maintains	Outperform	$80.00 → $65.00	51%
Keefe, Bruyette & Woods	Jan 8, 2026	Maintains	Outperform	$82.00 → $80.00	51%
Jefferies	Dec 19, 2025	Initiates	Buy	$75.00	0%

The case for and against

Updated Oct 18, 2026

Bull case

Walker & Dunlop is supported by a solid underlying business that is gaining momentum, with total transaction volume rising 3% YoY to $14.4B, debt financing up 8% to $12.5B, and first-half 2026 debt financing volume up 44% YoY to $24.3B, showing strength beyond the Agencies. Its servicing platform also looks durable, as the portfolio increased 6% YoY to $145.8B, while GSE market share improved to 14.7% YTD from 11.2% in 2025, reinforcing recurring revenue and competitive positioning. Although legacy repurchase charges of $23.2M and ongoing fraud investigations remain near-term drags, the exposure is shrinking, Freddie Mac has concluded its review with no further repurchases expected, and defaulted loans are only 0.28% of the $70.5B at-risk servicing portfolio.

Bear case

Walker & Dunlop is facing a weaker fundamental setup as higher and more volatile interest rates are stalling CRE transaction activity, making underwriting assumptions stale and pressuring GSE volumes, with Fannie Mae down 22% YoY and Freddie Mac down 37% in September data. Although the company gained market share and adjusted core EPS rose 3% YoY in 2Q26 to $1.19, total revenue fell 4% to $306.7M and Adjusted EBITDA dropped 19% to $62.1M, while GAAP EPS of $0.09 was hit by $23.2M of indemnified and repurchased loan costs. Its concentration in multifamily financing, exposure to U.S. economic weakness, and intense lender competition add further downside risk to volumes, margins, and profitability.

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