Raymond James Starts Longtop Financial (LFT) at Outperform
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Raymond James analyst Stephen Laws initiates coverage on Longtop Financial (NYSE: LFT) with an Outperform rating and a price target of $4.50.
The analyst commented, "We are initiating coverage on Lument Finance Trust (LFT) with an Outperform rating and are establishing a price target of $4.50 per share. We believe the risk-reward is compelling due to the 1) attractive portfolio characteristics, 2) outlook for growth given recent capital raise and CLO, and 3) attractive valuation. Shares currently trade at a ~15% discount to peers, which we think is too large of a discount given the recent transactions that position LFT to grow earnings and dividends. Our price target is based on shares trading in line with March 31 book value. We are initiating a Suitability Rating of Aggressive Risk/Income, which reflects the company's market cap and our dividend outlook."
Shares of Longtop Financial closed at $4.22 yesterday.
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