Keefe Bruyette lowered the firm’s price target on Claros Mortgage to $10.50 from $11 and keeps an Underperform rating on the shares. The company’s credit continues to worsen and its exposure to high-risk asset classes is high, the analyst tells investors in a research note. The firm also believes Claros Mortgage’s dividend coverage is poor with cash from operations at half the dividend and distributable earnings also below.
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Read More on CMTG:
- Wells Fargo downgrades Claros Mortgage to Equal Weight after quarterly results
- Claros Mortgage downgraded to Equal Weight from Overweight at Wells Fargo
- Claros Mortgage reports Q2 non-GAAP EPS 35c, consensus 35c
- Claros Mortgage Trust, Inc. (CMTG) Q2 Earnings Cheat Sheet
- Claros Mortgage upgraded to Neutral from Underweight at JPMorgan
