Ready Capital price target lowered to $9.50 from $10.50 at JMP Securities

JMP Securities lowered the firm’s price target on Ready Capital (RC) to $9.50 from $10.50 and keeps an Outperform rating on the shares. Ready Capital has been active on resolving problem loans, and the company was able to sell $330M of underperforming loans in Q3, which resulted in a realized loss of (11c) per share, the analyst tells investors in a research note. While it has made solid progress on problem assets, there is still an additional $218M of loans held for sale that will likely result in further realized losses over the next year, the analyst says.