B. Riley initiated coverage of Sunrise Realty Trust (SUNS) with a Buy rating and $15 price target representing a potential 12-month total return of 41%. Sunrise is part of a new class of mortgage real estate investment trusts set up to capitalize on the increasing void being left by banks and other lenders, the analyst tells investors in a research note. The firm says the current lending environment is helping the company achieve attractive spreads on its newer vintage originations.
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