UPDATE: Credit Suisse Initiates Coverage on New York Mortgage Trust with Neutral Rating, $7.50 PT on Good Market Position

In a report published Monday, Credit Suisse analyst Douglas Harter initiated coverage on New York Mortgage Trust (NASDAQ: NYMT) with a Neutral rating and $7.50 price target.In the report, Credit Suisse noted, “We are initiating on New York Mortgage Trust with a Neutral rating and a $7.50 target price. While we see NYMT as well positioned for the current environment, this is already reflected in the estimated 15% premium to our estimated pro-forma book value. We see 12% total return potential for NYMT over the next 12 months, largely from the dividend, which warrants a Neutral rating.”New York Mortgage Trust closed on Friday at $7.74.