Wells Fargo analyst Donald Fandetti lowered the firm’s price target on Claros Mortgage to $9 from $11 and keeps an Equal Weight rating on the shares. The firm notes Claros continues to face credit pressure, including on multi-family loans. Fed rate cuts could be an important catalyst for the stock as borrowers would have more confidence in value, Wells adds. The firm believes another dividend cut probably makes sense to protect book value.
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