Granite Point downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst Steven DeLaney downgraded Granite Point Mortgage to Market Perform from Outperform without a price target following the Q4 report. The analyst believes it may be unrealistic to expect material improvement in the the stock’s valuation multiple until inventory’s have a much clearer picture of the company’s remaining loan loss exposure. Therefore, the firm sees the shares as fairly valued at current levels.