UPDATE: Credit Suisse Reinstates Coverage On New Residential Investment As Advances Are Performing Better Than Expected

In a report published Friday, Credit Suisse analyst Douglas Harter reinstated coverage on

with an Outperform rating and $7.00 price target. In the report, Credit Suisse noted, “We are reinstating coverage of New Residential with an Outperform rating and a $7 target price. The current mix of business allows NRZ to generate an attractive return that is not sensitive to interest rates. We also see enough breadth to the NRZ opportunity set that we have confidence in the sustainability of returns. The combination of these factors give us confidence in NRZ's ability to deliver attractive risk-adjusted returns.” New Residential Investment closed on Thursday at $6.20.