Redwood Trust (RWT) PT Raised to $14 at Jefferies

Jefferies analyst Ryan Carr raised the price target on Redwood Trust (NYSE: RWT) to $14.00 (from $12.00) while maintaining a Buy rating.

The analyst commented, "NRZ/RWT's business model transitions, to the point where their higher-growth operating businesses now contribute significantly to revenues, command a SOTP valuation (P/E& BV), in our view. Both have clearly outperformed mREIT peers, while these operating businesses should contribute >60% to revenues in '21/'22. We believe the market is missing this relative valuation gap, & reiterate Buy, particularly as our data indicates that numerous growth avenues persist."

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