In a report published Tuesday, Wunderlich Securities analyst Merrill Ross downgraded the rating on Redwood Trust RWT from Buy to Hold, and lowered the price target from $22.00 to $15.00.
In the report, Wunderlich Securities noted, “Our premise in recommending the shares of Redwood Trust (RWT) was that the company had an opportunity to build market share as an intermediary between loan sellers and bond buyers, effectively creating a funding mechanism for prime jumbo loans. We are lowering our rating to Hold and our price target from $22 to $15, which we are adjusting this morning along with other mortgage REIT targets we had adjusted in a more generalized action on Monday.”
Redwood Trust closed on Monday at $17.00.
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