Piper Sandler analyst Kevin Barker downgraded Redwood Trust to Neutral from Overweight with an unchanged price target of $7. With the stock now trading at a tangible book value ratio in line with peers and a dividend yield near the low-end of the peer group, the firm believes the stock is fairly valued relative to peers and also believes a higher discount rate on earnings is fair given the pressure being seen in the build-to-rent market, the analyst tells investors.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on RWT:
- Redwood Trust, Oaktree announce JV to invest in business purpose bridge loans
- 2 “Strong Buy” Dividend Stocks Under $10 With at Least 15% Dividend Yield
- Redwood Trust price target lowered to $7.00 from $8.50 at Piper Sandler
- 3 Best Stocks to Buy Now, 4/28/2023, According to Top Analysts
- Redwood Trust reports Q1 EAD 11c, consensus 16c