As previously reported, BofA downgraded Ares Commercial to Underperform from Buy with a price target of $7, down from $11. Commercial real estate, or CRE, mortgage REITs outperformed other financial stocks in 2023, but the firm thinks the fundamental headwinds CRE faces are likely to persist throughout 2024 and it is cautious on CRE mREITs broadly this year, the analyst tells investors.
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