Blackstone Mortgage price target lowered to $19 from $20 at Wells Fargo

Wells Fargo lowered the firm’s price target on Blackstone Mortgage to $19 from $20 and keeps an Overweight rating on the shares. Given the yield on the stock, the market had priced in a dividend cut, the firm says. The company’s office exposure is still driving material reserve build as some peers with less office move towards stability. Wells believes Fed rate cuts will drive upside for m-REIT stocks.