FBR Capital Maintains a 'Market Perform' on NorthStar Realty Finance (NRF); Hanging in There; Watching, Waiting for Opportunities
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Price: $16.13 --0%
Rating Summary:
4 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
4 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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FBR Capital maintains a 'Market Perform' on NorthStar Realty Finance (NYSE: NRF), PT $4.
FBR analyst says, "The recent sell-off in CMBS, especially junior tranches, is a poignant reminder of the market's skittish nature when it comes to mortgage-related assets. We are not one to argue when it pertains to legacy CRE portfolios. To this point, we believe that NorthStar Realty Finance Corp.'s portfolio, which is composed of subordinated paper at high original LTVs, will be under duress for the foreseeable future despite the grinding nature of the economic and commercial real estate recovery to date. We continue to believe that NRF warrants trading at a significant discount to book value until it is possible to obtain a more clear picture on the recovery value of the company's CDO equity. We believe incremental color will be achievable as macroeconomic (i.e., employment) conditions, as well as evidence of a broader (secondary, tertiary market) commercial real estate recovery, take hold."
For more ratings news on NorthStar Realty Finance click here and for the rating history of NorthStar Realty Finance click here.
Shares of NorthStar Realty Finance closed at $3.96 yesterday.
FBR analyst says, "The recent sell-off in CMBS, especially junior tranches, is a poignant reminder of the market's skittish nature when it comes to mortgage-related assets. We are not one to argue when it pertains to legacy CRE portfolios. To this point, we believe that NorthStar Realty Finance Corp.'s portfolio, which is composed of subordinated paper at high original LTVs, will be under duress for the foreseeable future despite the grinding nature of the economic and commercial real estate recovery to date. We continue to believe that NRF warrants trading at a significant discount to book value until it is possible to obtain a more clear picture on the recovery value of the company's CDO equity. We believe incremental color will be achievable as macroeconomic (i.e., employment) conditions, as well as evidence of a broader (secondary, tertiary market) commercial real estate recovery, take hold."
For more ratings news on NorthStar Realty Finance click here and for the rating history of NorthStar Realty Finance click here.
Shares of NorthStar Realty Finance closed at $3.96 yesterday.
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