Cherry Hill Mortgage price target lowered to $5 from $5.50 at B. Riley

B. Riley lowered the firm’s price target on Cherry Hill Mortgage to $5 from $5.50 and keeps a Buy rating on the shares following the Q4 earnings report. B. Riley expects leverage to remain prudent, and for FY24 and FY25 assumptions to reflect a gradual ramp up in tandem with the Fed dialing back policy, with three rate cuts likely this year, the analyst tells investors in a research note. The firm thinks Cherry Hill is positioned for the eventual shift in Fed interest rate policy.