Citi Downgrades Specialty Finance Sector
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Citi downgrades iStar (NYSE: SFI), Gramercy Capital (NYSE: GKK), CapitalSource (NYSE: CSE), KKF Financial (NYSE: KFN) and NewStar Financial (Nasdaq: NEWS) from Buy to Hold. Citi is downgrading the following stocks rom Hold to Sell; Arbor Realty Trust (NYSE: ABR), Newcastle Investment (NYSE: NCT), CBRE Realty Finance (NYSE: CBF) and Resource Capital (NYSE: RSO) and reiterates a Sell on Thornburg Mortgage (NYSE: TMA). Annaly Capital Management (NYSE: NLY) remains the only Buy rated stock in the group.
Citi analyst says, "We are downgrading the specialty finance REIT sector as credit market headwinds are likely to keep pressure on the stocks and it's hard to identify a catalyst to reverse course in the credit markets. While the Fed is aggressively cutting rates and will likely continue to do so, the damage to the credit markets may be tough to offset and the US might be slipping into a recession based on the outlook from many economists."
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