UPDATE: Deutsche Bank Downgrades New York Mortgage Trust Following Solid 4Q Results
In a report published Monday, Deutsche Bank analyst Stephen Laws downgraded the rating on New York Mortgage Trust (NASDAQ: NYMT) from Buy to Hold, but raised the price target from $7.00 to $7.75.
In the report, Deutsche Bank “NYMT reported solid 4Q results as core EPS and NII were basically in line with our estimates and the allocation of capital towards credit-sensitive assets continued to increase (69% at 12/31 vs. 65% at 9/30). We expect portfolio leverage and the mix of credit-sensitive investments to increase in 1Q as recently raised capital is deployed. We are increasing our target to $7.75 per share from $7 per share. Given the valuation relative to our new target, we are reducing our rating to a Hold.”
New York Mortgage Trust closed on Friday at $7.57.
Latest Ratings for NYMT
|Oct 2014||Barclays||Initiates Coverage on||Equal-weight|
|Aug 2014||Deutsche Bank||Maintains||Hold|
|Aug 2014||Keefe Bruyette & Woods||Maintains||Market Perform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.