UPDATE: Piper Sandler Upgrades Redwood Trust (RWT) to Overweight
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Piper Sandler analyst Kevin Barker upgraded Redwood Trust (NYSE: RWT) from Neutral to Overweight with a price target of $14.00 (from $12.00).
The analyst comments "RWT recently announced their book value for 2Q21 was up 6% Q/Q and a series of other operating metrics which indicated higher than expected BPL origination volume. These pre-announcements and the substantial momentum the company has developed in their business purpose lending (CoreVest) and non-agency production segments (Sequoia) should lead to greater book value growth relative to peers over the next several quarters. We note credit spreads continue to tighten and RWT appears to have room to accrete third-party investments on their balance sheet as well."
Shares of Redwood Trust closed at $11.64 yesterday.
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