UPDATE: MLV & Co Reiterates On New York Mortgage Trust On Double-Edged Sword

In a report published Monday, MLV & Co analyst Richard Eckert reiterated a Hold rating on

, and raised the price target from $7.45 to $7.50. In the report, MLV & Co noted, “NYMT reported a record quarterly net income of $30.3mm, $0.34/share, largely as a result of price improvements in their CMBS and distressed residential real estate asset portfolios. While the current high investor demand is paying off on its existing portfolio, it is a double-edged sword, as it is most likely impeding NYMT from deploying its newly raised capital into new multifamily CMBS and other assets as quickly as it would like to. Average earning assets were $160m below our projections for the quarter.” New York Mortgage Trust closed on Friday at $7.91.