BTIG says the selloff yesterday in shares of Blackstone Mortgage Trust following the Muddy Waters’ short report “feels a bit reactionary.” The report highlighted the portfolio’s office exposure as well as the risk of match-termed secure overnight financing rate caps coming up for maturity next year, the analyst tells investors in a research note. However, if you pay attention to the mortgage real estate investment trust arena, you are well-informed on these risks, says BTIG. The firm maintains a positive longer term outlook for Blackstone Mortgage and views the selloff as a “bit of an overreaction.” It keeps a Buy rating on the shares with a $24 price target.
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