UPDATE: J.P. Morgan Initiates Blackstone Mortgage Trust at Overweight on Unique Relationship With Blackstone

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In a report published on Monday, J.P. Morgan analyst Richard Shane initiated coverage on Blackstone Mortgage Trust BXMT with a rating of Overweight and a price target of $28.50.

In the report, J.P. Morgan stated, "We believe BXMT is uniquely positioned due to its relationship with Blackstone BX Not covered), which operates the largest real estate private equity fund in the world. From a macro perspective, the supply/demand imbalance in commercial real estate loans lends BXMT leverage in pricing as well as the ability to be selective about investments. The company currently trades at 1.0x book value, below the industry average. As BXMT ramps its portfolio, we believe the company's superior earnings power will warrant a premium valuation."

Blackstone Mortgage Trust closed on Friday at $25.14.

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Posted In: Analyst ColorInitiationAnalyst RatingsJ.P. MorganRichard Shane
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