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

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In a report published Friday, Credit Suisse analyst Douglas Harter reinstated coverage on New Residential Investment Corp. (NYSE: NRZ) 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.

Latest Ratings for NRZ

DateFirmActionFromTo
May 2016Compass PointDowngradesBuyNeutral
May 2016Compass PointDowngradesBuyNeutral
Jan 2016BarclaysMaintainsOverweight

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Posted-In: Credit Suisse Douglas HarterAnalyst Color Initiation Analyst Ratings

 

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