Granite Point upgraded to Market Perform from Underperform at Keefe Bruyette

Keefe Bruyette upgraded Granite Point Mortgage (GPMT) to Market Perform from Underperform with a price target of $3.25, up from $3. Heading into 2025, capital markets momentum and stabilization of commercial real estate values position the commercial real estate finance sector for recovery, the analyst tells investors in a research note. The firm says that while the office sector continues to undergo a secular correction with values down over 35%, it feels more positive about multifamily driven by “significant dry powder,” prices having declined, and a better supply/demand outlook. Keefe upgraded Granite Point Mortgage on valuation.