UPDATE: Sterne Agee Initiates Coverage on New Residential Investment on Attractive Estimated Total Return
In a report published Friday, Sterne Agee analyst Henry J. Coffey Jr. initiated coverage on New Residential Investment Corp. (NYSE: NRZ) with a Buy rating and $7.50 price target.
In the report, Sterne Agee noted, “We are initiating coverage on NRZ with a BUY rating and a $7.50 target. The combination of current dividend income and achieving our price target equates to an attractive estimated total return of ~23%. The bulk of the company's invested assets should see their reported yield and carrying value positively impacted by improvements in consumer credit quality and home values, as well as the positive actions taken by companies servicing these assets.”
New Residential Investment Corp. closed on Thursday at $6.69.
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