UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Redwood Trust

In a report published Monday, Deutsche Bank reiterated its Buy rating on Redwood Trust

, and slightly raised its price target from $16.00 to $17.00. Deutsche Bank noted, “Core business continues to improve; Buy - RWT's 3Q results benefitted from strong mortgage banking during the quarter and economic BVPS increased to $13.62. While mortgage banking can be lumpy, RWT has a large pipeline of loans and we expect future results to benefit from strong mortgage banking activities. Additionally, RWT continues to see attractive investment opportunities in CRE debt and experience solid performance in its resi MBS portfolio. We are reiterating our Buy rating and increasing our target to $17 per share.” Redwood Trust closed on Friday at $15.46.