UPDATE: Deutsche Bank Initiates Coverage on Ladder Capital Corp. with Buy Rating, $22.25 PT on Positive Outlook

In a report published Monday, Deutsche Bank analyst Stephen Laws initiated coverage on

with a Buy rating and $22.25 price target. In the report, Deutsche Bank noted, “We expect LADR to generate attractive returns given the improved operating environment and the supply-demand imbalance for CRE debt. We believe LADR is well-positioned for a range of different market conditions given the three complementary business lines: 1) loan origination and securitization, 2) CMBS investments, and 3) net lease and other real estate assets. Our target of $22.25 per share is based on a 50% premium to our post-IPO adjusted BVPS estimate. Given our ROE estimates and the attractive valuation, we are initiating coverage with a Buy rating.” Ladder Capital Corp. closed on Friday at $18.60.