UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Arbor Realty Trust on Solid 4Q Results
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Arbor Realty Trust (NYSE: ABR), and raised its price target from $7.50 to $9.50.
Deutsche Bank noted, “Reiterate Buy after solid 4Q results; 1Q developments. Given solid 4Q results (FFO beat our estimate) and positive developments since year end, we are reiterating our Buy rating on Arbor and increasing our price target to $9.50 per share. Since year end, Arbor has priced a $260 million CLO, raised $37m through a preferred offering, increased existing credit facilities by $30m, and closed a new $50m credit facility. As Arbor continues to originate new investments and reduce exposure to legacy portfolio issues, we expect shares to move towards our target.”
Arbor Realty Trust closed on Tuesday at $7.88.
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