In a report published Monday, Deutsche Bank analyst Stephen Laws downgraded the rating on New York Mortgage Trust NYMT from Buy to Hold, but raised the price target from $7.00 to $7.75.
In the report, Deutsche Bank “NYMT reported solid 4Q results as core EPS and NII were basically in line with our estimates and the allocation of capital towards credit-sensitive assets continued to increase (69% at 12/31 vs. 65% at 9/30). We expect portfolio leverage and the mix of credit-sensitive investments to increase in 1Q as recently raised capital is deployed. We are increasing our target to $7.75 per share from $7 per share. Given the valuation relative to our new target, we are reducing our rating to a Hold.”
New York Mortgage Trust closed on Friday at $7.57.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in