Granite Point Mortgage price target lowered to $10 from $12 at JMP Securities

JMP Securities analyst Steven DeLaney lowered the firm’s price target on Granite Point Mortgage to $10 from $12 but keeps an Outperform rating on the shares. The analyst notes that despite the concerns and uncertainty surrounding certain office loans, the company has recently been able to resolve the largest 5-rated loan with the sale of theretail property backing the $114M Pasadena loan. DeLaney adds that he believes shares are currently trading at far too deep a book value discount given his potential loss analysis.